Chinese insurer Anbang Insurance Group Co. has reportedly asked banks to pitch for a role in its planned Hong Kong initial public offering (IPO) in 2017, sources familiar with the matter revealed.

According to Bloomberg, Anbang, which owns New York's Waldorf Astoria hotel, approached investment banks to submit proposals by the end of this week. The listing includes the company's life insurance operations and some of its businesses overseas, Reuters reported.

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Talks are allegedly at an early stage, according to the Financial Times, quoting bankers who refused to be named. Furthermore, no decisions on the structure, listing venue and deal size have been made yet.

"They're looking for comments from banks on these points," a source said.

While the pitches are due within the week, Anbang is expected to make its decision on its lead banks over the next two weeks.

In the coming months, Anbang, which is known for its abortive bid for Starwood Hotels & Resorts early this year, is reportedly considering of raising capital through a pre-IPO private placement, Insurance Journal noted, citing an insider.

A representative from Anbang refused to make a comment about the matter.

Meanwhile, Steven Lam, an analyst at Bloomberg Intelligence, said: "A Hong Kong IPO would give Anbang a good fundraising channel plus some fresh capital for business expansion, including deals. They may face some difficulty in pricing negotiation, as investors may be cautious with insurance companies given the falling interest rates."

Anbang has been on a global shopping spree starting in 2014 when it acquired New York's Waldorf Astoria for $2 billion and bought Blackstone's Strategic Hotels and Resorts early this year for $6.5 billion. It also went into a highly intense bidding war against Marriott International Inc. this year for the Starwood Hotels & Resorts Worldwide Inc.

TagsAnbang, IPO, initial public offering, insurance company, china