HSBC Holdings sells stake in Ping An Insurance

HSBC Holdings received regulatory approval for the 7.4bn-dollar sale of its stake in Ping An Insurance to Thai billionaire Dhanin Chearavanont, the bank said in a statement Friday.

HSBC Holdings received regulatory approval for the 7.4bn-dollar sale of its stake in Ping An Insurance to Thai billionaire Dhanin Chearavanont, the bank said in a statement Friday.

The China Insurance Regulatory Commission gave the green light for the sale of 976.1m Hong Kong-traded shares in the nation's second-largest insurer. Payment will made in cash and transferred by February 6th.

The London based bank will make a $2.6bn profit out of the disposal of its interest to Dhanin's Charoen Pokphand (CP) Group.

The transaction ends six weeks of speculation over the deal's fate.

In December HSBC agreed to sell its 15.57% holding to four subsidiaries of CP Group in two phases for about $9.4bn.

The first stage, comprising shares valued at about $1.93bn, was completed on December 7th, while the rest required approval from the regulators.

Shares in HSBC climbed 0.14% to 717.70p at 14:11 Friday.

On the same day the bank also announced the appointment of Manveen Pam Kaur as Group Head of Internal Audit and a Group Managing Director.

She will take over on April 1st from Paul Lawrence who stepped down after 31 years of service.

Group Chief Executive, Stuart Gulliver, said: "I would like to thank Paul for his dedicated service to HSBC over many years, including as CEO in the Philippines, Singapore and the United States, and most recently in overseeing the restructuring of Internal Audit as a global function.

"Pam brings enormous experience of audit, risk management, finance and compliance from other global financial institutions. We are delighted to welcome her to the group."

RD

Recommended

Get healthy returns from these three healthcare stocks
Share tips

Get healthy returns from these three healthcare stocks

Professional investor Paul Major of the BB Healthcare Trust highlights three of his favourite healthcare stocks.
25 Oct 2021
Share tips of the week – 22 October
Share tips

Share tips of the week – 22 October

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
22 Oct 2021
Three dividend stocks from the dynamic Asia/Pacific region
Share tips

Three dividend stocks from the dynamic Asia/Pacific region

Professional investor Sat Duhra of the Henderson Far East Income investment trust highlights three of his favourite stocks.
18 Oct 2021
Share tips of the week – 15 October
Share tips

Share tips of the week – 15 October

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
15 Oct 2021

Most Popular

Properties for sale for around £1m
Houses for sale

Properties for sale for around £1m

From a stone-built farmhouse in the Snowdonia National Park, to a Victorian terraced house close to London’s Regent’s Canal, eight of the best propert…
15 Oct 2021
How to invest as we move to a hydrogen economy
Energy

How to invest as we move to a hydrogen economy

The government has started to roll out its plans for switching us over from fossil fuels to hydrogen and renewable energy. Should investors buy in? St…
8 Oct 2021
Emerging markets: the Brics never lived up to their promise – but is now the time to buy?
Emerging markets

Emerging markets: the Brics never lived up to their promise – but is now the time to buy?

Twenty years ago hopes were high for Brazil, Russia, India and China – the “Brics” emerging-market economies. But only China has beaten expectations. …
18 Oct 2021