Friday October 31, 2014

HSBC looks to sell stake in Ping An

HSBC Holdings is in talks to sell its 15.6 percent interest in Ping An Insurance of China.

“HSBC Holdings PLC is in talks to sell its stake in China’s second-largest insurance company,” the Wall Street Journal confirms, “in a deal that could see the bank make a profit of roughly $7.5 billion on its original investment.” U.K.-based HSBC, the single biggest shareholder in Ping An, is reportedly negotiating with an unnamed potential buyer for its 15.6 percent interest in Ping An Insurance (Group) Co. of China. The Ping An stake has a current market value of $9.28 billion.

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