Deals
HSBC Sells Bao Viet Stake in Vietnam to Sumitomo Life
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Sumitomo Life Insurance will buy HSBC Holdings Plc’s 18 percent stake in Vietnam’s biggest insurer Bao Viet Holdings for 7.1 trillion dong ($340 million) in cash.
The sale is expected to complete in the first quarter of 2013, according to an e-mailed press release from HSBC today, ending the pair’s five-year partnership.