Feb. 21, 2007 (China Knowledge) – HSBC Holdings <HSBA> <HBA> <5> announced the conclusion of a deal to sell its entire 27% stake in Ping An Bank Ltd. to Shenzhen Commercial Bank Co., the primary banking unit of Ping An Insurance, for US$29.4 million.

Ping An Insurance Co. of China Ltd. <2318>, China's second-biggest insurer in terms of premiums after China Life Insurance Co., owns the rest of Ping An Bank through its unit, China Ping An Trust & Investment.

Shenzhen Commercial Bank is also a recent addition to the Ping An empire. In July last year, Ping An bought an 89% stake in Shenzhen Commercial Bank for RMB 4.9 billion.

Shenzhen Commercial Bank has a network of 46 branches with total assets of RMB 69.9 billion at the end of 2005. Ping An Bank is headquartered in Shanghai with one branch in southeastern Fujian province, and has much smaller assets of RMB 1.1 billion as at the end of December 2005.