Merger between Ping An Bank and Shenzhen Commercial Bank
Approved by China Banking Regulatory Commission

– New Entity Renamed Shenzhen Ping An Bank –

(Hong Kong, June 21, 2007) – Ping An Insurance (Group) Company of China, Ltd. (“Ping An” or the “Group”) (Stock Code: HKEx 2318；SSE 601318) today announced the planned integration of its subsidiaries Shenzhen Commercial Bank and Ping An Bank following the approval of the China Banking Regulatory Commission (CBRC). It marks significant progress in realizing the Group’s strategy of operation integration and brand unification for its banking business.

After merging with Ping An Bank, Shenzhen Commercial Bank will be renamed Shenzhen Ping An Bank, and the new combined entity’s headquarters will be located in Shenzhen. The head-office of the former Ping An Bank in Shanghai, its Fuzhou branch and Zhangjiang sub-branches will be converted into Shenzhen Ping An Bank Shanghai Branch, Fuzhou Branch and Zhangjiang Sub-branch respectively.

The integration will be carried out through the general acquisition of all the shares in Ping An Bank by Shenzhen Commercial Bank. The merger allows the newly formed Shenzhen Ping An Bank to have its branches ready-established in Shenzhen, Shanghai and Fuzhou, offering a full range of financial services to corporate and individual customers.

The merger of Shenzhen Commercial Bank and Ping An Bank will strengthen the Group’s banking business by integrating the resources of its banking operations. It helps develop a single brand for its banking business, and provides a unified platform for building and expanding a nation-wide banking network in the long-run.

Both Shenzhen Commercial Bank and Ping An Bank were subsidiaries of Ping An Insurance (Group) Company of China, Ltd. Ping An Bank, originally known as Fujian Asia Bank, was established in Fuzhou in 1993. On 29 December 2003, upon the approval by CBRC, it was transferred to Ping An Trust and Investment Company, Ltd. (Ping An Trust), a subsidiary of the Group, and The Hong Kong and Shanghai Banking Corporation Ltd. (HSBC) by joint acquisition of 100% of its shares. Since then, it was renamed Ping An Bank. After the joint acquisition, Ping An Trust has increased its stake in the bank to 73%, while HSBC held the remaining 27%.

Established on 22 June 1995, Shenzhen Commercial Bank was the first city commercial bank in China. In December 2006, Ping An Group became its largest shareholder upon the approval of the CBRC, with a shareholding percentage of 89.4%. As of 31 December 2006, the total assets of Shenzhen Commercial Bank were RMB 81,725 million.  The total deposit balance and total loan balance were RMB 72,273 million and RMB 47,457 million respectively. The capital adequacy ratio was 10.7%.

Ping An announced on 16 February 2007 that Shenzhen Commercial Bank reached agreements with Ping An Trust and HSBC respectively under which Ping An Trust and HSBC respectively transferred their holdings of 73% and 27% in Ping An Bank to Shenzhen Commercial Bank.

About Ping An:

Ping An Insurance (Group) Company of China, Ltd.(“the Group”) is the first integrated financial services conglomerate in China that blends its core insurance operations into securities brokerage, commercial banking, asset management and enterprise annuities to create a highly efficient and diversified business profile. Over the last 19 years, Ping An has become one of China’s best-known financial industry brands and has established powerful nation-wide sales channel and an extensive domestic customer base.

Ping An Group became listed on the main board of the Hong Kong Stock Exchange since June 2004 under the name “Ping An of China” and the stock code “2318”. On March 1, 2007, it began trading its A shares on the Shanghai Stock Exchange with the stock code “601318”. As of 31 December 2006, under International Financial Reporting Standards, the total assets and total equity of the Group were RMB 494,309 million and RMB 47,750 million respectively. Under PRC Accounting Standards, the Group’s total assets were RMB 441,791 million, and total shareholders’ equity was RMB 36,668 million.