HSBC Holdingsí $7.4-billion sale of stake in Ping An Insurance to Thai billionaire Dhanin Chearavanont was cleared by regulators, helping Europeís largest bank by market value revive earnings. Dhaninís Charoen Pokphand Group and HSBC said payment was made in cash after the China Insurance Regulatory Commission approved the sale of 976.1 million Hong Kong-traded shares in the nationís second-largest insurer, ending six weeks of speculation over the dealís fate. HSBC said in a statement that it expects to complete the transfer on February 6. The transaction will generate a $2.6 billion profit for HSBC, bolstering chief executive officer Stuart Gulliverís efforts to improve profitability hurt by US probes of money laundering and compensation claims from UK clients. CP Group said on January 11 it had the resources to complete the purchase, damping concern the deal would collapse after Caixin Online reported that China Development Bank withdrew financing.
Peerless starts cash investment facility
Peerless Mutual Fund has started the option of cash investment to tap the un-banked customers in retail mutual fund schemes through select Allahabad Bank branches. This initiative is in accordance with Sebi's guidelines of allowing cash investments by investors up to R20,000 per investor, per mutual fund every financial year. "We aim to cater to the un-banked customers in tier-III and tier-IV locations through this facility. "Allahabad Bank has a strong presence in these markets and synergy of both organisations will help customers, who wish to take advantage of the growing capital markets
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