International Insurance News: HSBC in talks to sell $9.3 billion stake in China’s Ping An Insurance

HSBC is in talks to sell its $9.3 billion stake in China’s Ping An Insurance, stepping up a programme by Europe’s biggest bank to shed non-core operations to boost profitability. A sale, widely expected as part of HSBC’s three-year recovery plan after the 2008 financial crisis and regulatory reforms, could earn the bank a pre-tax profit of up to $6.5 billion, Mizuho Securities analyst Jim Antos said. Read more