HSBC to sell 15.6% Ping An stake to Charoen Pokphand for US$9.4 billion
HSBC is selling its entire stake in Ping An Insurance to Thailand's Charoen Pokphand Group for over US$9 billion.
The British lender owns about 15.6 percent stake in the Chinese insurer.
The sales price represents a 2 percent premium to Ping An's closing share price yesterday.
Still, HSBC's CEO Stuart Gulliver said China remains a key market for the group.
This, as the bank strengthens its focus on growing its own operations and building on its strategic partnership with Bank of Communications.