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HSBC selling stake in Ping An Bank


Published : Fri, 16 Feb 2007 14:30
By : Agencies
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NEW YORK (AP) - HSBC Holdings Inc. said Friday it will sell its 27 percent stake in Ping An Bank to Shenzhen Commercial Bank.

Ping An Trust and Investment Co. is also selling its 73 percent interest in the bank.

The sales are part of Ping An Insurance Co. of China Ltd.'s plans to unify the branding identities of its commercial banking operations.

Ping An Insurance, via Ping An Trust, and HSBC jointly acquired Ping An Bank for less than $20 million in 2003.

The agreements are subject to approvals by shareholders of Shenzhen Commercial Bank, a unit of Ping An Insurance, and by the China Banking Regulatory Commission.

Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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