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HSBC sells Chinese insurer stake

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HSBC sells Chinese insurer stake

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HSBC is selling its stake in China’s Ping An Insurance for 7.2 billion euros.

The buyer is CP group, a conglomerate controlled by Thailand’s richest man, Dhanin Chearavanont.

The sale is part of HSBC recovery plan to sell non-core assets.

CP Group is a long time investor in China, with interest including agriculture, retailing and car manufacturing.