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HSBC sells Ping An stake to Thai conglomerate

By , on December 5th, 2012

<!– google_ad_section_start –> HONG KONG (AP) — HBSC says it is selling its 15.6 percent stake in China’s Ping An Insurance to a Thai conglomerate for about $9.4 billion. HSBC said Wednesday in a statement to Hong Kong’s stock exchange that Thailand’s Charoen Pokphand Group will pay 59 Hong Kong dollars ($7.61) a share. The sale is part of a broader push by Europe’s biggest bank to improve its profitability as lenders worldwide struggle with weak economic growth and stricter regulation following the global financial crisis. Its three-year restructuring plan involves selling or closing weak businesses. <!– google_ad_section_end –>

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HSBC sells Ping An stake to Thai conglomerate

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