Anatomy of an Odd, Hands-Off Deal for Ping An
(Beijing) – Thailand's richest man, a former prime minister and a Chinese tycoon with close ties to banks in three cities have stepped out of the shadows to close a mysterious deal involving a major stake in Ping An Insurance Co.
The unusual collection of financiers backed by Ping An executives for their hands-off promises emerged a few weeks after London-based HSBC said December 5 it would end its 10-year-old relationship with the insurer – one of China's largest – by selling its entire 15.57 percent stake for US$ 9.4 billion, or HK$72.7 billion.
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