February 1, 2013 / 10:42 AM / 5 years ago

HSBC says CP Group pays up for Ping An shares

LONDON, Feb 1 (Reuters) - 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.

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