The New York State Department of Financial Services today cleared one of the major obstacles to China Oceanwide Holdings Group Co. Ltd. acquiring Genworth Financial Inc.
The department has reapproved the Beijing-based real estate and financial services company’s efforts to acquire control over a Genworth subsidiary that’s legally based in New York, Genworth Life Insurance Company of New York.
China Oceanwide has been trying to acquire Genworth since October 2016.
The original New York state deal approval expired in March 2019.
Genworth has promised New York regulators that it will contribute $100 million to the New York subsidiary when the China Oceanwide-Genworth deal closes, Genworth and China Oceanwide said in the announcement of the New York state deal reapproval.
Genworth has noted in the past that it would then have to get approval for the New York capital contribution from insurance regulators in other U.S. states.