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CDB Cancels Loans for Ping An Deal
01.08.2013 16:12
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CDB Cancels Loans for Ping An Deal
Problems behind CP Groups' financing worried the bank's headquarters, putting deal in jeopardy
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(Beijing) – The Hong Kong branch of China Development Bank (CDB) has been ordered by its Beijing headquarters to cancel loans that would have been used to finance an acquisition involving the nation's second largest insurer, a source from the bank said.
The source said the decision was reached because of a Caixin report over the problematic financing of the deal.
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