Chinese life underwriter China Life Insurance is apparently in final-stage talks to purchase a 10% stake in Huishang Bank.

The reported purchase is in line with the insurer's strategy to diversify into China's banking industry.

Huishang Bank, which was established only a year ago, plans to place shares with several investors. The stake purchase has not been confirmed in a signed agreement but the deal is expected to be completed within the coming weeks.

China Life is also currently in talks to acquire a small commercial bank in Zhuhai.