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HSBC Holdings agrees to sell 15.57% stake in Ping An Insurance

Dec. 6, 2012 (China Knowledge) - HSBC Holdings Plc<0005>, the biggest foreign bank in mainland China, has said it agrees to sell all 15.57% stake in Ping An Insurance (Group) Co<601318><2318> to the Charoen Pokphand Group, a Thai multi-national conglomerate, with contract value of HK$72.74 billion.

According to a statement filed with Hong Kong Stock Exchange, the contract value is equivalent to HK$59 apiece, which represented a 2.3% premium over the closing price of HK$57.65 on Tuesday.

Stuart Gulliver, Chief executive of HSBC Group, said the deal is a further progress in the execution of the Group’s strategy.

China is a very imported market for the HSBC, that will strengthen the extension of our own business network and build a long-term strategic banking partnership with the Bank of Communications <601328><3328>, Stuart Gulliver added.

As of the end of September 2012, HSBC group’s core tier 1 capital ratio stood at 11.7%, while its total capital ratio was 15.6%. The transaction will raise approximately 0.5% in its core tier 1 capital ratio and nearly 1.0% in the total capital ratio.

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