The Korea Economic Daily, a leading newspaper in South

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A man walks past Anbang Insurance Group Co in Beijing on Sunday. Photo: CFP

China's Anbang Insurance Group Co has expressed interest in buying a controlling stake in South Korea's Tong Yang Life Insurance Chad Kelly Color Rush Jersey , Reuters reported on Thursday, citing a source familiar with the matter.


Experts said the move, if true, would not be surprising given Anbang's rapid expansion.


The Korea Economic Daily, a leading newspaper in South Korea, reported on Thursday that Anbang had inked a memorandum of understanding to buy a 57.5 percent stake in Tong Yang Life owned by South Korean private equity (PE) firm Vogo Investment for around 1.1 trillion won ($1.01 billion).


The newspaper did not name its sources.


Neither Vogo nor Anbang Insurance could be reached for comment by press time.


Established in 2005 Brendan Langley Color Rush Jersey , Vogo is a leading PE firm in South Korea, with more than $2 billion in assets under management, according to the company's website.


Vogo first acquired its stake in Tong Yang Life in 2006, but decided to sell it in 2011, Reuters reported.


"More and more overseas mergers and acquisitions carried out by Chinese companies are involving PE firms. This pattern became clearer in 2014," Zhuo Zhicheng Carlos Henderson Color Rush Jersey , a senior partner at Pricewaterhouse Coopers in Beijing, told the Global Times Thursday.


The process generally involves buying stakes in overseas companies that are owned by the PE firms, Zhuo said.


Beijing-based Anbang, which offers insurance and asset management services, was already in the media spotlight after Southern Weekly, a newspaper in Guangzhou Demarcus Walker Color Rush Jersey , capital of South China's Guangdong Province, publicly apologized on Monday for implying that powerful political connections had fueled its rapid growth.


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