05/12/2012 10:55
HSBC sells Chinese Insurer Ping An for $9.4bn
HSBC, Europe's largest bank, says it will sell its 15.6 % stake in China's Ping An Insurance for about $9.4bn (£5.8bn)
The buyer is Thailand's Charoen Pokphand Group, linked to the country's richest man Dhanin Chearavanont.
Ping An is one of the world's largest insurance companies with 74 million clients.
BBC said, that the sale is part of HSBC's restructuring plan to improve profitability.