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HSBC Raises $9.4Bn in Asset Sale
[ by Howard Haykin ]
HSBC Holdings, one of Europe's biggest banks, reported on Wednesday that it has agreed to sell its entire stake in Ping An Insurance, a leading Chinese insurer, to a Thai conglomerate for HK $72.7 billion, equivalent to U.S. $9.4 billion.
The sale of HSBC's 15.6% stake in Ping An Insurance will be financed, in part, by the China Development Bank, a policy lender wholly owned by the state of China.
Trimming its Balance Sheet. London-based HSBC has been cutting costs and and streamlining its business in preparation for tighter global capital requirements for banks. Since the beginning of 2011, when Stuart Gulliver took over as CEO, HSBC has sold more than 40 noncore assets, netting $4 billion in gains on those sales this year alone. The sale of the Ping An stake, which the bank started building in 2002, is expected to generate $2.6 billion in gains.
The deal will be completed in early January 2013.
For further details, go to: [Dealbook, 12/4/12].
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