HSBC Gets Approval to Sell Remaining Ping An Stake
Feb 3rd 2013 8:00AM
Updated Feb 4th 2013 1:00AM
The China Insurance Regulatory Commission has granted HSBC approval to sell its remaining stake in that country's Ping An insurance subsidiary. The bank said it had gotten the nod to sell nearly 1 million shares in the insurer to Thailand-based conglomerate Charoen Pokphand Group.
Last December, the two companies reached an agreement on the sale of HSBC's stake, which amounted to 15.6% of the insurance company. The deal was partially financed by a loan from China Development Bank, the state-controlled lender.
At that time, a small portion of the overall stake was transferred from HSBC to the Thai company, with the transfer of the remainder conditional upon the commission's approval.
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