HSBC in China

HSBC pockets $2.6 billion from Ping An sale

The bank will sell its entire 15.6% stake in Ping An to the Thai Charoen Pokphand Group for $9.4 billion, pocketing a profit of $2.6 billion.

<div style="text-align: left;"> CP Group is best known in China for its agricultural produce </div>

Lillian Liu

December 06, 2012

The guessing game on potential buyers of HSBC‘s Ping An stake ended yesterday when the bank said it will sell its entire holding in China’s leading insurer to a Thai conglomerate, in a deal that would allow the bank to pocket a $2.6 billion profit and slightly boost its core capital ratio.

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