HSBC (NYSE: HBC ) has reached a deal to sell its stake in Chinese insurer Ping An, HSBC announced in an official statement. The buyer will be Thai agribusiness company Charoen Pokphand Group, which is to pay the equivalent of just under $9.4 billion to be the new owner of a 15.6% stake in the Chinese firm.
The transaction will be effected in three tranches, the last of which is to take place on Jan. 7.
HSBC had announced last month that it was in talks to sell the Ping An stake, but it did not name the counterparty.
The banking group's share of Ping An profits totaled $946 million in 2011, and $848 million in 2010.