Deals
Anbang's Woes Deepen as Banks Are Told to Halt Dealings
- Directive comes after chairman was detained by authorities
- Waldorf Astoria owner rose to prominence with global M&A spree
Banks Told to Halt Dealings With Anbang
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Pressure is building on Anbang Insurance Group Co. as Chinese banks distance themselves from the owner of New York’s Waldorf Astoria hotel amid a wide-ranging government probe that landed Chairman Wu Xiaohui in police custody.
Chinese authorities have asked lenders to suspend some business dealings with the insurer, according to a person with knowledge of the matter, who didn’t provide further details. At least six large banks have stopped selling Anbang policies at their branch networks, with some taking action before the government notice, people with knowledge of their operations said.