HSBC Agrees to Sale of Ping An Stake
HSBC (NYS: HBC) has reached a deal to sell its stake in Chinese insurer Ping An, HSBC announced in an official statement. The buyer will be Thai agribusiness company Charoen Pokphand Group, which is to pay the equivalent of just under $9.4 billion to be the new owner of a 15.6% stake in the Chinese firm.
The transaction will be effected in three tranches, the last of which is to take place on Jan. 7.
HSBC had announced last month that it was in talks to sell the Ping An stake, but it did not name the counterparty.
The banking group's share of Ping An profits totaled $946 million in 2011, and $848 million in 2010.
The article HSBC Agrees to Sale of Ping An Stake originally appeared on Fool.com.Eric Volkman and The Motley Fool have no positions in HSBC. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2012 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.