BEIJING, Sept. 10 (Xinhua) -- China Life Insurance Co, the country's largest life insurer, plans to acquire a stake in China Development Bank Corp (CDB) to match its long term liabilities and achieve a better synergy in resource allocation, China Daily reported Thursday.

    The final deal is subject to regulators' approval and the final pricing terms, said the newspaper, citing China Life's chairman, Yang Chao.

    Talks are "almost" complete, and terms are "very favorable" to China Life, Yang said, but he didn't give the size of the stake.

    The insurer is also actively seeking equity investment opportunities in other big, unlisted corporations, according to Yang.

    China Life's wooing of CDB is its latest attempt to make it a financial holding group with a strong core business and a diversified financial business, the newspaper said.

    On Aug 26, Yang said the company was considering becoming the pre-IPO investor of the Agricultural Bank of China (ABC) and the Asian unit of American International Group (AIG).

    CDB received a 20 billion U.S. dollar government capital injection in December 2007 and is seeking to transform itself from a policy bank into a commercial lender.