Anbang buys respected Belgian bank

Anbang Insurance Group has agreed to buy Delta Lloyd Bank Belgium.

The signing ceremony on Monday was attended by Chinese Premier Li Keqiang and Belgian Prime Minister Charles Michel during his trip to the European Union country.

One of the largest insurance corporations in China, Anbang had already acquired a 100 percent stake in the renowned Belgium-based financial institution Fidea Assurances.

"The bilateral relations between China and Belgium are strong," a spokesperson for the Anbang Insurance Group said. "And the acquisition of Delta Lloyd Bank Belgium is not only a win-win situation but also a great starting point in the deepening relationship between the two countries."

Delta Lloyd is 260 years old, and provides asset management and other financial products to high-end corporate clients. The bank is also an important partner of Fidea Assurances.

Anbang Insurance Group has total assets of more than 800 billion yuan ($128.9 billion).