Ping An Bank's (SHE:000001) board has approved a related-party transaction with financial services provider Lufax (HKG:6623), involving offshore time deposits, according to a Shenzhen Stock Exchange filing on Saturday.
The total principal amount for the time deposit business will not exceed 4.50 billion yuan, with total interest capped at 29 million yuan.
The agreement deposit business will have a principal amount not exceeding the equivalent of 2.18 billion yuan, and interest not exceeding 18 million yuan.
Both Ping An Bank and Lufax are subsidiaries of Ping An Insurance (Group) (HKG:2318, SHA:601318).
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