HSBC sells entire $9.4 billion Ping An stake to Thai group

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December 5, 2012 11:28 AM EST

HSBC said on Wednesday it has sold its entire HK$72.7 billion (5.82 billion pounds) stake in Chinese insurer Ping An Insurance <601318.SS>, as the bank seeks to sell non-core holdings.

HSBC <0005.HK> sold the stake to an affiliate of Thailand's Charoen Pokphand Group. The purchase price was equivalent to HK$59 per share, HSBC said in a statement.

The acquisition of the Ping An <2318.HK> stake will be financed in part in cash and under a facility with China Development Bank Corp. Hong Kong.

(Reporting by Donny Kwok and Michael FLaherty; Editing by Richard Pullin)

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Copyright 2012 Thomson Reuters UK. All rights reserved.

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