Arab Today, arab today hsbc in talks to sell stake in chinese insurer
Last Updated : GMT 09:03:54
Arab Today, arab today
Arab Today, arab today

HSBC in talks to sell stake in Chinese insurer

Arab Today, arab today

Arab Today, arab today HSBC in talks to sell stake in Chinese insurer

Hong Kong - AFP

Banking giant HSBC said Monday it was in talks to sell its stake in China\'s Ping An Insurance Group, the country\'s second-largest life insurer by premiums. The British-based but Asia-focused lender said in a statement it was \"in discussions which may or may not lead\" to the sale of its 15.57 percent stake, which the bank bought in 2002 before Ping An\'s listing in Hong Kong. HSBC is the single-biggest shareholder in Ping An, which has a market capitalisation of HK$186 billion ($24 billion). It did not reveal the party it was in talks with but Hong Kong Economic Journal newspaper cited sources saying Thai businessman Dhanin Chearavanont, owner of the Charoen Pokphand group, might be interested. The Hong Kong-listed shares of Ping An fell 2.69 percent to HK$58.0 at the lunch break. The benchmark Hang Seng Index was 0.65 percent higher. HSBC has been selling non-core assets as part of a broad restructuring plan designed to boost profitability. The London-listed bank is also setting aside hundreds of millions of dollars as provision for fines related to possible criminal charges over money laundering allegations in the United States. Net profits tumbled by more than half to $2.498 billion in the three months to September, compared with a year earlier.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today hsbc in talks to sell stake in chinese insurer Arab Today, arab today hsbc in talks to sell stake in chinese insurer

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today hsbc in talks to sell stake in chinese insurer Arab Today, arab today hsbc in talks to sell stake in chinese insurer

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today How to do your own Ramadan corner?

GMT 15:53 2017 Saturday ,27 May

How to do your own Ramadan corner?
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday