HSBC sells insurance stake for US$9.4b

Last updated 17:25 05/12/2012

Relevant offers

World

Eric Watson: 'Brexit could provide a boon for Kiwi business' Brexit stuns investors, wipes US$3 trillion off stocks Brexit vote strips billions of dollars from UK's richest people Unexpected Brexit triggers Australian dollar fall Asia, US financial market fall as UK votes in favour of Brexit Sterling, stocks in free fall as UK on brink of Brexit British Pound hits lowest in decades, euro drops and yen surges as Brexit slams markets Burger King's latest fast food monstrosity is sadly genius KFC India is giving out boxes of chicken that charge your phone CEO made US$200 million in a day - why this may be a good sign for Wall Street

HBSC says it is selling its 15.6 per cent stake in China's Ping An Insurance to a Thai conglomerate for about US$9.4 billion ($11.4 billion).
 
HSBC said on Wednesday in a statement to Hong Kong's stock exchange that Thailand's Charoen Pokphand Group will pay HK$59 a share. 
 
The sale is part of a broader push by Europe's biggest bank to improve its profitability as lenders worldwide struggle with weak economic growth and stricter regulation following the global financial crisis. Its three-year restructuring plan involves selling or closing weak businesses.
 
For Charoen Pokphand, the acquisition is a big expansion into financial services. Its businesses include agriculture, ready-to-heat meals, motorcycle manufacturing and property development.
 
Ping An is based in the southern Chinese boom town of Shenzhen, which neighbours Hong Kong.

Ad Feedback

- AP

Special offers

Featured Promotions

Sponsored Content