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Provider: Reuters Investment Profile
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Provider: Reuters Investment Profile
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Provider: Thomson Reuters Stock Report
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Provider: Thomson Reuters Stock Report
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HSBC Holdings PLC In Talks To Sell $9.3 Billion Ping An Insurance (group) Co Of China Ltd's Stake-Reuters


Monday, 19 Nov 2012 07:49am EST 

Reuters reported that HSBC Holdings PLC is in talks to sell its $9.3 billion stake in Ping An Insurance (group) Co Of China Ltd, stepping up a program to shed non-core operations to boost profitability. A sale, widely expected as part of HSBC's three-year recovery plan after the 2008 financial crisis and regulatory reforms, could earn the bank a pre-tax profit of up to $6.5 billion. The bank, which spent $1.7 billion to build a 15.6% stake in China's insurer company between 2002 and 2005, confirmed it was in talks to sell the stake. 

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