Ping An Insurance (Group) Co., China' s second-largest insurer, said its plan to purchase 1.64 billion shares from the Shenzhen Development Bank (SDB) was approved Monday by its shareholders.

The insurer would pay 2.69 billion yuan (402 million U.S. dollars) in cash and inject 90.75 percent of its stakes in its banking unit, the Ping An Bank, into the Shenzhen-based lender for the agreement.

However, the deal is yet to be approved by the country's insurance regulator, according to a statement on the company's website.

If the deal goes as planned, Ping An would become the controlling shareholder of the Shenzhen Development Bank. Further, it would hold no more stakes in the Ping An Bank, while the Shenzhen-based lender would become the controlling shareholder of the Ping An Bank, the statement said.