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BRIEF-HSBC sells stake in Ping An for $9.4 bln
December 5, 2012 / 7:11 AM / 5 years ago

BRIEF-HSBC sells stake in Ping An for $9.4 bln

LONDON, Dec 5 (Reuters) - HSBC Holdings PLC : * To sell its entire shareholding in ping an insurance * Sale representing 15.57% of the issued share capital of ping an insurance

(the “transaction”). * Shares will be sold to all gain trading limited, bloom fortune group limited

and others * For an aggregate purchase price of hk$72,736m (approximately US$9,385M), * Buyers are wholly-owned subsidiaries of charoen pokphand group company

limited * The carrying value of the investment in ping an insurance at 31 December 2011

was US$6,373M * Estimated that the post-tax gain on the sale of the shares calculated on an

ifrs basis would be approximately US$2.6BN * Transaction is estimated to strengthen the HSBC Group core tier 1 capital

ratio by approximately 0.5%

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