HSBC in China

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.
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CP Group is best known in China for its agricultural produce
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<div style="text-align: left;"> CP Group is best known in China for its agricultural produce </div>

The guessing game on potential buyers of HSBC‘s 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 by Thai billionaire Dhanin Chearavanont, for HK$72 7 billion ($9 4 billion), or HK$59 per share The deal will be partly financed by China Development Bank (CDB), a wholly state-owned policy lender

CP Group has...

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