The Hong Kong and Shanghai Bank (HSBC) has agreed to take a 10 percent stake in Ping An Insurance, China’s second largest insurer for $600 million.
U.S. investment banks Goldman Sachs and Morgan Stanley already have a combined 14 percent stake in Ping An. HSBC with its close ties to China has an 8 percent stake in the Bank of Shanghai, as well as its own operations in China and Hong Kong.
The company is very optimistic about the prospects for growth in China. Chairman Sir John Bond indicated that HSBC was particularly attracted to the long-term prospects in the insurance and asset management sectors.
Topics Mergers & Acquisitions China
Was this article valuable?
Here are more articles you may enjoy.
Hacker Says AT&T Paid About $400,000 to Erase Sensitive Data 
The Battle Over J&J’s Bankruptcy Plan to End Talc Lawsuits 
Biden Administration Raises FEMA Bar for Flood Resilience 
AIG Files Amended Suit Against Former Execs, Dellwood Insurance 
