The family is seeking to sell its entire holding of 41 percent in Apollo Munich Health Insurance Co., for about $170 million.
China Minsheng is one of the largest private investment champions in China backed by 59 non-state companies and obtained an operating licence in 2014.
The merged company will take on industry leader, Safaricom which is partly owned by Johannesburg-based Vodacom Group Ltd.
A sale of Hexie Health Insurance Co. would be Anbang’s first major local asset disposal.
As Indonesia offers limited Shariah investment opportunities, the agency is exploring opportunities overseas.
The new role puts Yi Huiman, most recently ICBC chief, at the forefront of opening up the financial system to overseas firms.
The surprise move comes as tensions with the U.S. escalate and China pursues the biggest digital crackdown in its history.
The French company’s board is expected to appoint Michelin chief Jean-Dominique Senard as chairman and to make interim CEO Thierry Bollore’s role permanent.
However, there may be some good news on the horizon, in the form of China’s financial opening. Granting majority ownership licenses to international firms operating local joint ventures should boost the job market.
Launched about a year ago, the local challenger is confident it’s got a winning model: small coffee outlets that will outnumber Starbucks cafes by year’s end, an app that rushes out deliveries in about 18 minutes and lots of steep discounts.