HSBC sells insurance stake for US$9.4b

Last updated 17:25 05/12/2012

Relevant offers

World

One Blackberry closes 450 start-ups open Major US cable TV merger backed Euro hedge funds booming Yellen bares her teeth on financial regulation Bridgestone executive in court China's credit falls, money supply slows Citigroup income up, concerns remain Mexico cracks down on financial kingpins Murdoch Jr's $30m superyacht calls Aussie shares being manipulated

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