Ping An may get 1.64 bln Shenzhen Bank shares - paper

SHANGHAI Aug 25 (Reuters) - China's Shenzhen Development Bank Co Ltd 000001.SZ may issue 1.64 billion shares for the banking unit of Ping An Insurance (Group) Co of China Ltd (601318.SS)(2318.HK), the Oriental Morning Post reported on Wednesday.

The deal would value Ping An Bank, which is smaller than mid-sized Shenzhen Bank, at 1.8 times book value, the Shanghai-based newspaper reported, citing an unnamed banking source.

Ping An would own close to 51 percent of the combined entity after the merger, it added.

Trading in shares of Shenzhen Bank and Ping An Insurance has been suspended since June pending the merger announcement. (Reporting by Soo Ai Peng; Editing by Chris Lewis)