HSBC considering sale of Ping An stake

Global banking titan HSBC confirmed press speculation on Monday morning, saying that it is mulling a sale of its minority stake in Chinese insurance giant Ping An Insurance.

HSBC holds a 15.57% stake in Ping An, China's second-largest insurance firm by assets, which is worth an estimated $9.5bn.

The company released a statement 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 sale of the shares."

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The value of the interest is nearly three times the amount of savings ($3.5bn) that HSBC targeted to make before 2014 as part of its strategic review in May 2011.

Chinese newspaper, Hong Kong Economic Journal, speculated that Thai billionaire Dhanin Chearavanont is among the possible buyer's of HSBC's stake.