LONDON Feb 1 HSBC Holdings
said Thailand's CP Group had paid $7.4 billion in cash for the
second tranche of HSBC's shares in Chinese insurer Ping An
after it received regulatory approval on Friday.
China's insurance regulator approved the deal on Friday, and
HSBC said in a brief statement that the shares would be sold to
indirect wholly-owned subsidiaries of CP Group - All Gain
Trading Limited, Bloom Fortune Group Limited, Business Fortune
Holdings Limited and Easy Boom Developments Limited.
HSBC agreed last month to sell its 15.6 percent stake in
Ping An for $9.4 billion, but there had been speculation the
deal had hit trouble or would not be approved.