HSBC backs Ping An's massive equity raising
HSBC Holdings, the single largest shareholder in No. 2 Chinese insurer Ping an Insurance, said on Tuesday it supports Ping An's controversial plan to raise $19 billion (9.74 billion pounds) in fresh equity.
HSBC poised to sell French branches"We support this activity," HSBC's executive director for Hong Kong and mainland China, Peter Wong, said in response to a reporter's question regarding Ping An's fund-raising activity.
Wong, in his response, said the bank would vote in favour of the plan at a Ping An shareholders' meeting, which is scheduled for March 5.
HSBC holds nearly 20 percent of Ping An, which is listed in Hong Kong and Shanghai.
Many observers have expected the share issue to fail given the deal's huge size and lack of explanation from Ping An on exactly what it plans to do with the proceeds.
Ping An is expected by company watchers to target acquisitions among European insurers.
(Reporting by Kennix Chim; Editing by Anne Marie Roantree)
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