HSBC to sell non-life insurance business

12th Sep 2011 13:16

HSBC, the largest European bank, has launched the sale of its non-life insurance business, according to sources cited by Reuters. That report places the value of the business, which in 2010 generated a pre-tax profit of about $1bn at that same level. HSBC's 16% stake in Ping An Insurance (Group) Co of China and 18% stake in Bao Vietnam, a domestic financial institution, are not part of the sale, the source said.At 13:15PM London time shares of HSBC are falling by 2,83%, to 490,5p, in London trading. AB