Ping An Insurance (Group) Co, China’s second-largest insurer listed on the Hong Kong and Shanghai stock exchanges, plans to merge its banking unit Ping An Bank with Shenzhen Development Bank Co, according to a statement released by the two companies on Thursday, China Securities Journal reported.

Ping An will buy 1.64 billion new shares to be issued by Shenzhen Development Bank through a non-public offering, at 17.75 yuan per share, according to the report.

After the deal, the insurer will become the bank’s largest shareholder, with more than 50 percent of its total shares, the report said.

Shares of the two companies will resume trading on Thursday.