Britain's HSBC said Wednesday it would sell its stake in China's second largest life insurer Ping An to a Thai firm for $9.4 billion, in a shift back towards its traditional banking business.
Britain's HSBC said it would sell its stake in China's second largest life insurer Ping An for $9.4 billion, as it looks to shift its focus back towards its traditional banking business. HSBC group chief executive Stuart Gulliver, pictured in 2011, said in the statement the sale would benefit shareholders, but added that China remained "a key market for the group".
The lender said it would sell its entire 15.57 percent holding in Ping An Insurance Group to diversified conglomerate Charoen Pokphand Group at HK$59 ($7.66) a share, making it the biggest foreign purchase by a Thai firm.
This article is older than 60 days, which we reserve for our premium members only.You can subscribe to our premium member subscription, here.