1 HSBC sells entire $9.4 billion Ping An stake to Thai group - IBTimes UK

HSBC sells entire $9.4 billion Ping An stake to Thai group

December 5, 2012 12:28 AM GMT

HSBC said on Wednesday it has sold its entire HK$72.7 billion (5.82 billion pounds) stake in Chinese insurer Ping An Insurance <601318.SS>, as the bank seeks to sell non-core holdings.

HSBC <0005.HK> sold the stake to an affiliate of Thailand's Charoen Pokphand Group. The purchase price was equivalent to HK$59 per share, HSBC said in a statement.

The acquisition of the Ping An <2318.HK> stake will be financed in part in cash and under a facility with China Development Bank Corp. Hong Kong.

Follow us  
Google Plus

(Reporting by Donny Kwok and Michael FLaherty; Editing by Richard Pullin)

Copyright 2012 Thomson Reuters UK. All rights reserved.

We recommend

  1. French Soldier Stabbed In Neck Near Paris
  2. Is Japan Eyeing Myanmar To Be The Next Bangladesh?
  3. Blackstone notifies Cohen's SAC it intends to pull money - pension consultant
Must Read
  1. HSBC Chairman urges acceleration of bank reform
  2. ECB can't solve euro zone crisis alone - Weidmann
  3. BOJ Kuroda says will strive to ensure JGB market stability
Join the Conversation
mute

Featured Videos

top 10 Articles
  1. Co-op Bank stops lending to new corporate clients
  2. HSBC Chairman urges acceleration of bank reform
  3. ECB can't solve euro zone crisis alone - Weidmann
  4. BOJ Kuroda says will strive to ensure JGB market stability
  5. Iceland's new PM rejects EU, but embraces EU economic goals
  6. HSBC urges acceleration of banking reform
  7. Italians getting glummer on economy, Letta government
  8. Mass sell-off in Spain's Bankia hit small investors
  9. Obama seeks end to perpetual U.S. 'war on terror'
  10. Nikkei recoups some of Thursday's 7.3 percent dive, bull run seen intact

latest Articles
  1. Sony Xperia SOfficial Sony Xperia S Android 4.1.2 Jelly Bean firmware Now Available for Download and Installation?
  2. 'GTA 5': Gameplay Screenshot Possibly Leaked [PHOTO]
  3. 3D-Printed Gun ‘The Liberator’ Will Kill Both Target and Owner – NSW Police3D-Printed Gun ‘The Liberator’ Will Kill Both Target and Owner – NSW Police
  4. 'Star Wars: Battlefront 3' Release Date May Arrive This Week
  5. New Android Virus Forwards Text Messages To Hackers
IBTimes TV
More

U.S. Urges N. Korean Amnesty For Jailed U.S. Citizen