In a July 31 market update, Ping An Bank Co.,Ltd. announced that its board of directors has approved a related-party transaction proposal with Founder Securities Co.,Ltd. for bond trading activities.
The bank has agreed to conduct bond trading with Founder Securities, with the total transaction amount capped at 6 billion yuan and a business period not exceeding one year.
Both Ping An Bank Co.,Ltd. and Founder Securities Co.,Ltd. are subsidiaries directly or indirectly controlled by Ping An Insurance (Group) Company of China, Ltd. As Founder Securities qualifies as a related party to the bank, the transaction between them constitutes a related-party transaction.
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