Anbang Insurance is majority shareholder in Minsheng Bank

Anbang Insurance Group Co, the Chinese insurer that has bought New York's famed Waldorf Astoria hotel, has increased its stake in China Minsheng Banking Corp Ltd to become the biggest shareholder of the country's largest private lender.

The company now owns about 3.1 billion Minsheng shares increased from 1.7 billion, through four different subsidiaries, and controls 10 percent of the bank, Minsheng said in a filing to the Shanghai Stock Exchange.

China Minsheng shares were down about one percent, according to a Reuters report. Minsheng shares have gained more than 47 percent over the last month, compared with a 31 percent rise on the CSI 300 index.