HSBC In Talks to Sell Stake China Insurance Group Ping An
By Martin Baccardax | November 19, 2012 7:12 PM EST
Europe's biggest bank owns at 15.57 percent stake in Ping An and is planning to sell all of its Hong Kong listed shares in the group, according to a report first published in the Hong Kong Economic Journal. HSBC confirmed Monday it was discussing a sale of the shares but warned this did not mean a deal would be finalised. A sale could earn HSBC around $9bn, according to some estimates.
HSBC has been attempting to slim down some of its non-core operations throughout most of the past two years, but has accelerated that plan since being slammed by charges of money laundering in the United States in the summer.
Last spring it sold its general insurance business in Hong Kong, Singapore and Mexico to France's AXA for around $500m and its Argentinian unit to Australia's QBE Insurance for around $420m. Collectively, HSBC has announced around 41 asset sales since the beginning of 2011.
HSBC built the Ping An stake between 2002 and 2005, spending around $1.7bn to acquire its 15.6 percent holding. Ping An shares fell to a two-month low in Hong Kong Monday following news of the sale and confirmation of the talks by HSBC.
HSBC shares rose by around 1.4 percent in London to change hands at 604.4 pence each. The stock is up around 23 percent so far this year.
To contact the editor, e-mail:
Most Popular Slideshows
- 2014 MLB World Series Game 1: San Francisco Giants 7, Kansas City Royals 1 [PHOTOS]
- 2014 MLB World Series - Game 2: Kansas City Royals 7, San Francisco Giants 2 [PHOTOS]
- NFL Thursday Recap - Denver Broncos 35, San Diego Chargers 21: Peyton Manning Has 3 TDs In Easy Win [PHOTOS]
- 2014 MLB World Series Game 3: Kansas City Royals 3, San Francisco Giants 2 [PHOTOS]
Join the Conversation
- Australia's Low Birth Rate May Be Due to Low Confidence in Economy
- Fears Of Infection Spread Prompt Some US Hospitals To Refuse Ebola Patients
- Readers Slam a Book Showing That US Wealth And Power Rests on Slave Labour
- LG G Watch R To Be Available Globally Starting With Europe, North America And Asia Through Retail Sites And Play Store
- Young Teen Fighter Says ISIS Uses Drugs On Suicide Bombers To Get Them Perform The Act
- Xiaomi Redmi 1S vs. Sharp Aquos Crystal – Specifications, Features And Price Showdown
- Verizon Motorola Droid Turbo Leaked Live Images Surfaces, Scheduled To Get Unveiled On Oct 28
- Update HTC One M7 with LG G2 with Android 4.4.2 as Sprint OTA: Fixes and Installation
- U.S. Targets Buyers of ISIS Oil, Threatens Sanctions
- ISIS Syria Airstrike Bombing Has Killed 550 People, Civilians Included
- Russia Blocking OSCE Monitoring Of Its Border With Ukraine
- Russia Slams US 'Double Standards' In The Fight Against ISIS