Ping An Insurance (Group), China’s second-largest insurer, is in talks to merge its banking unit with Shenzhen Development Bank (SDB) as a step towards becoming a financial  conglomerate. Ping An is expected to get round regulations which bar insurers from controlling two banks by merging Ping An Bank with SDB, analysts said. Ping An is likely to have a more than 50% stake in SDB after the merger. Ping An is in the process of buying a 29.99% stake in SDB, the nation’s first foreign-controlled lender. SDB has assets of CNY809 billion and more than 300 outlets. Ping An Bank, also based in Shenzhen, has CNY220 billion of assets and nine branches. Sun Jianyi, Vice Chairman of Ping An, said the business combination was subject to the approval of regulators.