(Yicai Global) April 28 -- An Anbang Insurance Group spokesman has denied rumors that China Minsheng Banking Co. [SHA:600016] loaned the insurer CNY100 billion (USD14.5 billion) and that it has a cash shortage of over CNY20 billion.
"Anbang Insurance did not get a loan from CMBC," he told Yicai Global today. Anbang's stakes "in all domestic listed companies are financial investments, and there is no controlling investment."
Anbang Life's cash reserves were CNY207.8 billion as of April 27 and Anbang Property Insurance's cash reserves were CNY322.6 billion. The two companies do not have a cash shortage of over CNY20 billion, as media reports indicated, the spokesman said.
Market rumors that Anbang Insurance loaned China Minsheng Banking CNY100 billion made the rounds on April 26.