HSBC has announced 41 disposals and closures since the start of 2011, and the potential Ping An sale fuelled speculation about other assets that are not core to its day-to-day business operations. — EPA
HONG KONG: HSBC said it was in talks to sell its US$9.3bil 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 US$1.7bil to build up a 15.6% 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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