Ping An Insurance has entered into a shareholding agreement with Fortis, a financial services provider engaged in banking and insurance.

Under the terms of the proposed agreement Ping An Insurance will be entitled to make a proposal for the appointment of one non-executive director to the Fortis board, as long as Ping An Insurance will hold at least 4% of the Fortis shares capital.

The company may acquire up to 4.99% of the capital of Fortis and may acquire Fortis shares exceeding such threshold subject to the prior consent of the Fortis board.