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Ping An Insurance, China's second largest insurer, said the nation's banking regulator has approved its plan to combine its two banking units.

The insurance firm said on Thursday the China Banking Regulatory Commission has approved the merger of its Shanghai-based Ping An Bank with its Shenzhen Commercial Bank.

The new bank, called Shenzhen Ping An Bank, has branches in the financial and business hub of Shanghai and the southeastern cities of Shenzhen and Fuzhou.

Analysts said the consolidation will help the insurer, in which HSBC holds a 19.9 percent stake, develop its banking business under a single brand and provide it with a platform for further expansion nationwide.

Ping An Insurance also runs a securities brokerage, and asset and annuity management and trust businesses. Its total assets reached 442 billion yuan (58 billion U.S. dollars) at the end of 2006.

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