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HSBC selling share in insurer

Updated: 2012-12-06 07:57
By He Wei in Shanghai ( China Daily)

HSBC Holdings Plc, the largest European bank by market value, announced plans on Wednesday to sell its 15.57 percent stake in China's Ping An Insurance (Group) Co to a Thai conglomerate.

The sale will mark the end of a decade-long investment for the lender, which said it is taking the step to raise capital and boost its returns.

The announcement follows the bank's decision last year to dispose of non-strategic assets, thus giving itself more leeway to explore the banking business on the Chinese mainland, analysts said.

HSBC selling share in insurer