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