The world's local bank
HSBC completes acquisition of 9.91 per cent of Ping An
31 August 2005
HSBC has acquired a further 9.91 per cent of the issued share capital of Ping An Insurance, for HK$8,104 million (US$1,039 million).
HSBC, the world’s local bank, announced its intention of increasing its share in China’s second largest life insurer, subject to conditions, on 9 May 2005. The conditions to which those agreements were subject have been satisfied and the acquisition was completed today, bringing HSBC’s aggregate holding in Ping An to 19.90 per cent.
Read the full press release (1 page pdf 12k).
Media enquiries to pressoffice@hsbc.com.
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Related links
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HSBC signs agreement to invest in China's Ping An Insurance Company
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