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Sovereign Wealth Funds Briefing - Categorized | Investment, Market

HSBC approached China Investment Corp. about Ping An

Posted on 21 November 2012

HSBC Holdings PLC has reached out to China’s giant sovereign-wealth fund as the bank seeks to sell a $9.28 billion stake in the country’s second-largest insurance company, people with direct knowledge of the matter said Tuesday.
The U.K.-based bank, which has been divesting itself of noncore assets in hopes of boosting returns, disclosed Monday that it is “in discussions” to sell its 15.6% stake in Hong Kong-listed Ping An Insurance (Group) Co. of China, but it didn’t identify the potential buyer or buyers. According to the people with knowledge of the matter, HSBC recently contacted China Investment Corp., which manages a chunk of China’s foreign-exchange reserves, about purchasing its Ping An shares—but it’s unclear if those talks are still going on……………………………………….Full Article: Source

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