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HSBC in talks to sell stake in Chinese insurer Ping An

HSBC is in talks to sell its stake in China's second biggest insurance firm Ping An, a step that could earn the bank a profit of more than $6bn.

The sale is part of the company's three year plan to shed non-core operations to boost profitability.

The bank, spent $1.7 billion to build a 15.6 percent stake in Ping An between 2002 and 2005.

Brian Caplen, the editor of the Banker Magazine, told the BBC's Tanya Beckett he is not surprised by HSBC's decision to sell its holding in the Chinese insurance group.

  • 19 Nov 2012
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