British bank HSBC (HBC.NYSE, HSBA.LON, 0005.HKG) has agreed to sell its 15.6% stake in China’s Ping An Insurance (2318.HK, 601318.SH) to Thailand’s Charoen Pokphand Group for US$4.9 billion, Financial Times reported. The bank said Wednesday it had inked a deal to sell its holding in China’s second-largest insurance company by assets for HK$59 per share, for a total profit of US$3 billion. HSBC will transfer 20% of the stake to the Thai group, run by billionaire Dhanin Chearavanont, on December 7. The other 80% of its holdings will follow once the China Insurance Regulatory Commission approves the deal. Charoen Pokphand Group is financing the purchase of the first stake with cash, and the second tranche with cash and debt from China Development Bank.