The China Insurance Regulatory Commission has approved HSBC's (HBC) sale of its remaining 15.7%...

|About: HSBC Holdings PLC (HSBC)|By:, SA News Editor

The China Insurance Regulatory Commission has approved HSBC's (HBC) sale of its remaining 15.7% stake in Ping An Insurance to Thailand's Charoen Pokphand for $7.5B. There had been reports that the agency would block the deal due to concerns about how Charoen Pokphand would fund it. HSBC will now be able to book a $2.6B post-tax gain. (previous)