Skip to navigationSkip to content

China says HSBC can now sell its $7.5 billion stake in Ping An Insurance

ChinaPublished Last updated This article is more than 2 years old.

A link from Reuters

Chinese regulators on Friday approved the sale of HSBC’s remaining $7.5 billion stake in Ping An Insurance to a group controlled by Thai billionaire Dhanin Chearavanont. The sale of the stake in the country’ no. 2 insurer marks China’s largest inbound acquisition. HSBC, Europe’s biggest bank, is trying to divest what it considers non-core assets to improve profits. It will book a $2.6 billion post-tax gain from the sale.

📬 Kick off each morning with coffee and the Daily Brief (BYO coffee).

By providing your email, you agree to the Quartz Privacy Policy.