NEW YORK ¨C The growth ambitions of China¡¯s insurers could be hindered by some of the companies¡¯ opaque structures when they pursue acquisitions in international markets, a banker at Citigroup Inc. said.

¡°It is not that straightforward with Chinese companies,¡± Gautam Chawla, co-head of the global insurance group at Citigroup Inc., said Wednesday at a conference in New York held by Reactions magazine. ¡°The level of transparency that we are used to is not the same level of transparency that they are used to.¡±

Anbang Insurance Group Co. withdrew an application in May to buy Des Moines, Iowa-based Fidelity & Guaranty Life. New York¡¯s watchdog had reservations about Anbang¡¯s ownership structure and how it would fund reserves, people familiar with the application said that month. Anbang has renewed discussions with regulators to win approval for the $1.6 billion deal, according to people with knowledge of the talks. Anbang has said it is committed to completing the deal.

More-established companies from Japan have had an easier time pushing into the world¡¯s largest economy. Sumitomo Life Insurance Co., Tokio Marine Holdings Inc. and Dai-ichi Life Insurance Co. have all announced acquisitions in the past two years to expand in the U.S.

¡°The Japanese companies are well known globally,¡± Chawla said. ¡°They¡¯re well known with the regulators.¡±

While a variety of companies from China have been expanding globally, insurers may expect more difficulty, according to the banker. He said potential sellers may spend more time before agreeing to a deal with a Chinese company so that they can make sure that the would-be buyer will win approval.

¡°Investing in a regulated industry like insurance is very different,¡± he said.