Deals
HSBC Sells $7.4 Billion Ping An Stake to Thai Billionaire
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HSBC Holdings Plc’s $7.4 billion sale of its stake in Ping An Insurance (Group) Co. to Thai billionaire Dhanin Chearavanont was cleared by regulators, helping Europe’s largest bank by market value revive earnings.
Dhanin’s Charoen Pokphand Group Co. and HSBC said payment was made in cash after the China Insurance Regulatory Commission approved the sale of 976.1 million Hong Kong-traded shares in the nation’s second-largest insurer, ending six weeks of speculation over the deal’s fate. HSBC said in a statement that it expects to complete the transfer on Feb. 6.