HSBC Gets China's OK To Sell Off $7.4B Ping An Stake

Law360, Los Angeles (February 1, 2013, 10:19 PM EST) -- The China Insurance Regulatory Commission on Friday signed off on the sale of HSBC Holdings PLC’s remaining $7.4 billion stake in Ping An Insurance to a Thailand-based investment group, the bank said.

HSBC and HSBC Asia Pacific, which own nearly 15.6 percent of Ping An's issued shares, sold those shares to units of Thailand-based Charoen Pokphand Group Co. Ltd., the bank said in a statement Friday.

But rumors bubbled up in December that the proposed Ping An buy was falling apart under regulatory scrutiny. The Thai...
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