Fortis on Thursday said it expected to receive Chinese approval for the sale of half its asset management business to Ping An Insurance later this year, following reports of a delay.

Fortis agreed to the �?�2.15bn deal with the Chinese insurer last April as part of efforts to bolster its balance sheet along with a raft of divestments, two rights issues and other measures. Ping An, Fortis�??s largest shareholder, also subscribed to the bank�??s new share issue in June to prevent dilution to its stake.