China approves HSBC's $9.4 bn Ping An stake sale
- Published: 1 Feb 2013 at 21.44
- Online news: World
China said Friday it had approved British bank HSBC's sale of its stake in insurance giant Ping An to a Thai conglomerate for $9.4 billion, ending speculation that the deal was on the verge on the collapse.
A man walks past a branch of HSBC in Beijing on February 1, 2010. China said Friday it had approved British bank HSBC's sale of its stake in insurance giant Ping An to a Thai conglomerate for $9.4 billion, ending speculation that the deal was on the verge on the collapse.
Regulators in Beijing gave the green light just hours before a deadline for approval despite reports in Hong Kong media that they were ready to reject the bid over concerns about funding for the purchase.
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