HONG KONG: HSBC said it was in talks to sell its $9.3 billion stake in China's Ping An Insurance, stepping up a programme by Europe's biggest bank to shed non-core parts of its business to boost profitability.
HSBC spent $1.7 billion to build up a 15.6 percent stake in China's second-largest insurer in 2002 and 2005, but a sale has been widely expected as part of its three-year recovery plan in the wake of the 2008 financial crisis and regulatory reforms.
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