HSBCis weighing a sale of its $9.5bn stake in Ping An Insurance, China’s second-biggest insurer by assets, as the bank exits non-core businesses amid a global drive to improve profitability.
“HSBC has from to time received approaches regarding its shareholding and confirms that it is in discussions which may or may not lead to the sale of the shares,” the bank said yesterday. Shares in Ping An Insurance fell 2 per cent in Hong Kong yesterday, weighed down by talk of the potential sale. HSBC’s holding amounts to 40 per cent of the H shares listed on the island.
Any disposal would be in line with the strategic plan launched in May last year by Stuart Gulliver, chief executive, to focus on businesses where the bank can make the most money.
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