Hong Kong/ New Delhi: Global bank HSBC has sold its entire stake in China's Ping An Insurance to a Thai Group for USD 9.4 billion, a news wire has reported.
HSBC said on Wednesday it had sold the 15.6 percent stake to an affiliate of Charoen Pokphand Group, a group controlled by Dhanin Chearavanont making it Asia's second-largest deal this year.
HSBC sold its stake for HK$59 per Ping An (2318.HK) share, for a total of HK$72.74 billion (USD 9.39 billion).
The bank said in a statement that the sale would complete in stages, with about a fifth of the stake to be transferred to the Thai buyer on December 7. The remainder is still subject to approval by the China Insurance Regulatory Commission.
The Thai group is better known more for its agri-business empire than writing insurance policies.
HSBC is on a global plan to divest various holdings as it seeks to improve its profitability, exiting the decade-old investment as it looks to sell non-core assets.
With Agency Inputs