LONDON, Feb 1 (Reuters) - HSBC Holdings said Thailand's CP Group had paid $7.4 billion in cash for thesecond tranche of HSBC's shares in Chinese insurer Ping An after it received regulatory approval on Friday.
China's insurance regulator approved the deal on Friday, andHSBC said in a brief statement that the shares would be sold toindirect wholly-owned subsidiaries of CP Group - All GainTrading Limited, Bloom Fortune Group Limited, Business FortuneHoldings Limited and Easy Boom Developments Limited.
HSBC agreed last month to sell its 15.6 percent stake inPing An for $9.4 billion, but there had been speculation thedeal had hit trouble or would not be approved.
HSBC Holdings (HSBA)