HSBC to cash in its Ping An stake

HSBC Holdings is planning to sell its entire stake in Ping An Insurance as Europe's largest lender by assets tries to take advantage of improving market conditions in Hong Kong, market participants said yesterday.

The London-based lender's 15.6 per cent holding in Ping An was worth about US$9.5 billion before yesterday's market open. Local media have earlier reported HSBC's intention to sell its stake in China's second-largest insurer by premiums.

via Business feed http://www.scmp.com/business/banking-finance/article/1086409/hsbc-cash-its-ping-stake