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HSBC (HBC) agrees to sell its 15.6% stake in China's Ping An Insurance for $9.38B to Charoen...

  • Wednesday, December 5, 2012, 2:42 AM ET
    HSBC (HBC) agrees to sell its 15.6% stake in China's Ping An Insurance for $9.38B to Charoen Pokphand Group, which is controlled by Thailand's richest man, Dhanin Chearavanont. Having bought the holding for $1.7B in 2002-2005, HSBC will earn a profit of $7.68B. With the deal part of HSBC's strategy of selling non-core operations, analysts reckon its 19.9%, HK$79B ($10.19B) stake in China's Bank of Communications could be next. (PR)
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    Are you joking? Banking is HSBC's core business.
    6 Dec 2012, 08:24 AM Reply Like
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