HSBC Holdings PLC's HSBC Insurance (Asia-Pacific) Holdings Limited To Sell Shareholding In Bao Viet Holdings

Thursday, 20 Dec 2012 05:17am EST 

HSBC Holdings PLC announced that HSBC Insurance (Asia-Pacific) Holdings Limited, an indirect wholly owned subsidiary of HSBC Holdings plc (HSBC), has entered into an agreement to sell entire 18% shareholding in Bao Viet Holdings (Bao Viet), to Sumitomo Life Insurance Company for a consideration of VND7,098 billion (approximately USD340 million) in cash. Completion of the transaction is expected to take place during the first quarter of 2013.