Genworth Financial, Inc. (NYSE: GNW) and China Oceanwide Holdings Group Co., Ltd. (Oceanwide) today announced that the North Carolina Department of Insurance has approved the proposed acquisition of control by Oceanwide of Genworth's North Carolina-domiciled insurance companies, including Genworth Mortgage Insurance Corporation, as contemplated under the merger agreement entered into by Genworth and Oceanwide on Oct. 21, 2016.
The North Carolina Department of Insurance's approval is conditioned on (i) receipt of all other required regulatory approvals; (ii) the continued protection of, and limited access to, certain personally identifiable information held by Genworth; and (iii) the completion of the proposed merger transaction within 90 days following the date of the approval. In addition to approval by the North Carolina Department of Insurance and the previously announced approval by the Virginia Bureau of Insurance, the closing of the proposed merger transaction also remains subject to other conditions, including clearance by the Committee on Foreign Investment in the United States (CFIUS) and receipt of other required regulatory approvals in the U.S., China and other international jurisdictions.
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a Fortune 500 insurance holding company committed to helping families achieve the dream of homeownership and address the financial challenges of aging through its leadership positions in mortgage insurance and long term care insurance. Headquartered in Richmond, Virginia, Genworth traces its roots back to 1871 and became a public company in 2004. For more information, visit genworth.com.
From time to time, Genworth releases important information via postings on its corporate website. Accordingly, investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrollment information is found under the "Investors" section of genworth.com. From time to time, Genworth's publicly traded subsidiaries, Genworth MI Canada Inc. and Genworth Mortgage Insurance Australia Limited, separately release financial and other information about their operations. This information can be found at http://genworth.ca and http://www.genworth.com.au.
Oceanwide is a privately held, family owned international financial holding group founded by LU Zhiqiang. Headquartered in Beijing, China, Oceanwide's well-established and diversified businesses include operations in financial services, energy, culture and media, and real estate assets globally, including in the United States.
Oceanwide is the controlling shareholder of the Shenzhen-listed Oceanwide Holdings Co., Ltd. and Minsheng Holdings Co. Ltd.? the Hong Kong-listed China Oceanwide Holdings Limited and China
Oceanwide International Financial Limited, (formerly known as Quam Limited)? the privately-held Minsheng Securities, Minsheng Trust, and Asia Pacific Property & Casualty Insurance? and it is the single largest shareholder of Australia-listed CuDECO Ltd. China Oceanwide also is a minority investor in Shanghai-listed China Minsheng Bank and Hong Kong-listed Legend Holdings. In the United States, Oceanwide has real estate investments in New York, California, and Hawaii. Businesses controlled by Oceanwide have more than 10,000 employees globally.