China Life Insurance has bought a USD300m stake in credit card payment group Visa Inc., state media reports.
China's biggest insurance received a stake worth about 1.6 per cent of
shares. The purchase is the first major investment by a Chinese
insurance company in the United States and was announced just days
after Visa's IPO in New York - which garnered USD19.1 bn, the largest
IPO in the U.S. history. On their first trading day, Visa shares
climbed 28 per cent, despite the gloomy atmosphere hanging over Wall
Street.
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China Life Insurance has bought a USD300m stake in credit card payment group Visa Inc., state media reports.
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