HSBC pockets $2.6 billion from Ping An sale

The bank will sell its entire 15.6% stake in Ping An to the Thai Charoen Pokphand Group for $9.4 billion, pocketing a profit of $2.6 billion.

HSBC pockets $2.6 billion from Ping An sale
CP Group is best known in China for its agricultural produce

The guessing game on potential buyers of HSBCs Ping An stake ended yesterday when the bank said it will sell its entire holding in China’s leading insurer to a Thai conglomerate, in a deal that would allow the bank to pocket a $2.6 billion profit and slightly boost its core capital ratio.

The British bank has agreed to sell its 15.6% stake in Ping An to the Charoen Pokphand Group, an unlisted conglomerate controlled...

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