Davis Polk is advising The People’s Insurance Company (Group) of China Limited on the acquisition, through its subsidiary PICC Property and Casualty Company Limited (“PICC P&C”), of approximately 19.99% of the total issued shares of Hua Xia Bank, a commercial bank listed on the Shanghai Stock Exchange, from affiliates of Deutsche Bank for an aggregate consideration of up to RMB25.7 billion.

PICC group is the first nationwide insurance company in China and operates a property and casualty insurance business, life and health insurance businesses, a fund application business and an investment management business through its subsidiaries.

The Davis Polk corporate team included partner Antony Dapiran and associates Yang Chu, Vanessa Chan and Patrick Peng. All members of the Davis Polk team are based in the Hong Kong office.