HSBC sells insurance stake for US$9.4b

Last updated 17:25 05/12/2012

Relevant offers

World

Apologetic thief leaves note to cafe owner Britain's The Independent newspaper to cease print editions Love and loss - romance scam victim fleeced of over $260,000 What's behind the global stock market selloff? Pukeko Pictures Thunderbirds Are Go! TV series to launch in US with Amazon Dick Smith Australia bleeds over $3 million a week as deal looms FMA in Court of Appeal with financial services company headed by Luigi Wewege US chain Red Lobster enjoys sales surge after mention in Beyonce song Walt Disney posts record quarterly profit on success of Star Wars Banks eye more cost cuts amid global growth concerns

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