HSBC sells 27pc stake in Chinese bank
Afp, Hong Kong
Global banking giant HSBC said Friday it will sell its 27 percent stake in Ping An Bank to a subsidiary of Ping An Insurance's parent company for 29.4 million US dollars. HSBC, which owns 19.9 percent of Ping An Insurance, China's second-largest life insurer, will sell its stake to Shenzhen Commercial Bank (SZCB), which is owned by the Ping An Group. "The transaction is part of Ping An Group's consolidation of its banking businesses within SZCB. HSBC is supporting its Chinese partner in this endeavor," the bank said.
|
|
