HSBC sells entire $9.4 bln Ping An stake to Thai group

HONG KONG Tue Dec 4, 2012 7:17pm EST

HONG KONG Dec 5 (Reuters) - HSBC said on Wednesday it has sold its entire HK$72.7 billion ($9.38 billion) stake in Chinese insurer Ping An Insurance, as the bank seeks to sell non-core holdings.

HSBC sold the stake to an affiliate of Thailand's Charoen Pokphand Group. The purchase price was equivalent to HK$59 per share, HSBC said in a statement.

The acquisition of the Ping An stake will be financed in part in cash and under a facility with China Development Bank Corp. Hong Kong.