21.11.2012 - Is HSBC trying to sell its stake in Ping An to China’s sovereign wealth fund?
HSBC Holdings may have already found the best buyer for its billion dollar stake in China’s Ping An Insurance. The British bank confirmed yesterday that it is seeking to offload its 15.6% stake in China’s second largest insurer. Reports now say the bank has reached out to China’s massive sovereign wealth fund, Chinese Investment Corp (CIC). We named reasons why HSBC would sell Ping An when China’s insurance industry is booming, but also noted some difficulties in the deal. If CIC, which helps manage the country’s foreign reserves, buys the stake in Ping An that would solve most of those. A purchase by CIC would not encounter the same scrutiny from Chinese regulators as a foreign buyer..............................................Full Article: Source
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