The Hongkong and Shanghai Banking Corporation was founded in Hong Kong on March 3, 1865, and in Shanghai one month later. In 1980, HSBC acquired 51 per cent of Marine Midland Bank, buying the rest in 1987. HSBC Holdings was established in Britain in 1991 as the parent of The Hongkong and Shanghai Banking Corporation ahead of its purchase of the UK-based Midland Bank and the impending 1997 transfer of sovereignty of Hong Kong from Britain to China. 

HSBC Holdings’ decision to sell its stake in China’s Ping An Insurance (Group) Co is the biggest sale of an insurance stake in Asia in two years, and leaves HSBC with more than US$10 billion of stakes in Chinese banks. Photo: Bloomberg

Ping An rises on HSBC stake sale to Charoen Pokphand

Ping An Insurance (Group) Co. shares rose the most in eight months, leading Chinese insurers higher, after HSBC Holdings said it will sell its entire stake for US$9.4 billion to a Thai company, removing investor uncertainty.