HSBC In Talks To Sell $9.3B Stake In Chinese Insurer

Law360, New York (November 19, 2012, 3:29 PM EST) -- HSBC Holdings PLC, Europe's largest bank, confirmed speculation Monday that it is planning to sell its 15.57 percent share in Ping An Insurance (Group) Co. of China Ltd., a stake valued at roughly $9.3 billion.

The London-based bank posted the confirmation on the Hong Kong Stock Exchange website in response to recent media outlets' speculative reports on the sale, saying, "HSBC has from time to time received approaches regarding its shareholding and confirms that it is in discussions which may or may not lead to the...
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