(Yicai Global) May 23 -- Anbang Insurance Group Co. has announced the first in a series of divestments planned since the government took control of the troubled financial conglomerate earlier this year.

Anbang has put its 91 percent stake in Century Securities Co. up for sale in the hope of raising at least CNY3.6 billion (USD560 million). The Beijing-based company bought the stake for CNY1.7 billion in 2013.

The state group that was put in charge of the conglomerate plans a number of asset disposals, but has not yet given any details.

The state controller took the helm at Anbang in February during a sweeping crackdown on financial risk among large private conglomerates and after accusations emerged that former Chairman Wu Xiaohui committed economic crimes. He has since been sentenced to 18 years in prison for fundraising fraud and embezzlement of corporate funds.

Anbang shot to fame in recent years because of the assertive way it financed and bought overseas companies and properties, most notably its USD1.95 billion acquisition of New York's Waldorf Astoria hotel in 2014. Aggressively expansionist companies have come under scrutiny since last year amid concern that some were taking financial risks and splurging huge sums on 'white elephant' foreign assets. 

Financial institutions bidding for Century Securities should comply with the relevant policies on integrated businesses of financial institutions, the state controller said in a filing. Non-financial entities should meet the relevant requirements such as prominent core business and solid capital strength.

Since Anbang became its largest shareholder, the securities firm has boosted investments in science and technology while expanding outlets and business departments. At the end of last year, it had 38 business departments and 22 branches.

Century Securities has turned a profit in four consecutive years with net income of CNY124 million in 2014 and CNY2 million last year. Its highest earnings in the period came in 2015, when it posted a CNY433 million profit.

Editor: William Clegg