HSBC is in talks to sell a $9.3 billion stake in Hong Kong-listed Ping An Insurance, according to an announcement to the Hong Kong Stock Exchange on Monday.
HSBC spent $1.7 billion to build up a 15.6 percent stake in Ping An, China's second-largest insurer, in 2002 and 2005.
Since the start of 2011, HSBC has announced more than 40 disposals and closures ahead of shedding non-core parts of its business. Analysts say the bank has been trying to boost its profitability through disposing of its non-core business in an attempt to recover from the 2008 global financial crisis.
However, it may face a problem in finding a buyer, considering the volume of the sale.
HSBC's stock rose 1 percent, while shares of Ping An fell 3.27 percent to a two-month low on Monday.
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