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
- Prince William & Kate Middleton Caught Flirting In A Countryside Dinner Date [PHOTOS]
- Kate Middleton’s Mom Accused Of Being A Social Climber, Prince George Not Seen By Relatives
- Prince William & Kate Middleton Boards London Train in Casual Disguise, Royal Couple’s Incognito Plan A Huge Hit [PHOTOS]
- Angelina Jolie & Brad Pitt’s Top Secret Wedding Tramps Jennifer Aniston’s ‘Friends’ Reunion & Pregnancy Talks [PHOTOS]
Join the Conversation
- 5.5-Inch iPhone 6 is iPhone Air on Sept 19 Release Date: 5 Things to Consider Before Buying
- Pricey iPhone 6 on Release Date Likely but with 3X Retina Resolution & Mobile Payment Service – Reports
- Nexus 6 Release Date Update: Moto X+1 Look Leaked, Nexus X or Shamu Moved to Demo Phase
- Google Nexus 8 Confirmed as HTC T1 aka Volantis/Flounder with Freshly-Leaked Specs & Features – Reports
- Europe, US Next on ISIS’ Hit List, Says Saudi King; Seized ISIS Laptop Reveals Terrifying Bio-Warfare Plans
- iPhone 6 On Release Date To Feature Qualcomm MDM9625M LTE, 1GB RAM, Mobile Payment Deal With AMEX, 1334x750 Display
- Leaker of Actresses Nude Photos Accepting PayPal Donations in Exchange For Posting Alleged Sex Video of Jennifer Lawrence, Has Naked Pictures of 100 Hollywood A-Listers