HSBC's sale of its $9.4 billion stake in Ping An Insurance to Thailand's CP Group has been thrown into jeopardy after state-run China Development Bank (CDB) voiced concerns over funding for the deal, sources told Reuters.A collapse of the deal, Asia's second-biggest M&A transaction announced last year, would rob HSBC Holdings Plc of a $2.6 billion post-tax gain and set back its plans to shed non-core assets."Indeed, there are some problems," said one of the sources, referring to CDB's role in the sale. The sources were not authorised to speak publicly on the matter.HSBC agreed late last year to sell the 15.6 percent stake in Ping An to CP for HK$59 per share. The bank said in a Dec. 5 statement the sale of its stake in the world's second-largest life insurer by market value would be completed in two stages.
HSBC Holdings plc is a banking and financial services organization. Shares of HBC remained unchanged at $53.76. In the past year, the shares have traded as low as $37.94 and as high as $54.46. On average, 1493210 shares of HBC exchange hands on a given day and today's volume is recorded at 0.
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