China approves HSBC sale of $9.4bn stake in Ping An Insurance February 1, 2013 - 16:50 AMT PanARMENIAN.Net - HSBC says it has received approval from Chinese regulators for the sale of its $9.4 billion stake in Ping An Insurance to a Thai conglomerate, The Associated Press reported. The bank said Friday that the China Insurance Regulatory Commission gave it the go-ahead to transfer shares worth $7.4 billion to Charoen Pokphand Group before a midnight deadline. The bank said it had already transferred shares worth about $2 billion in December News reports last month said the sale of the 15.6 percent stake was in jeopardy because of questions over who was funding the purchase. Ping An is based in the southern boomtown of Shenzhen near Hong Kong. It's China's second biggest insurer. The sale is part of a broader push by Europe's biggest bank to improve its profitability and beef up its capital.   Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion.   Partner news |  Latest news Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty  Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty.Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza.Aliyev says no need for mediators in Armenia-Azerbaijan process Azerbaijani President Ilham Aliyev believes that Baku and Yerevan do not mediators in the process of normalizing relations.Aram I supports Karekin II’s “patriotic position” Catholicos of the Great House of Cilicia Aram I has expressed support for the Mother See of Holy Etchmiadzin. |
