The sale of HSBC’s 15.57 % stake in Chinese insurance giant Ping An is to go ahead, with approval granted by Chinese authorities two months after it was first sought.

HSBC will earn $US2.6 billion ($2.52 billion) from the $US9.4 billion ($9.11 billion) sale to Thai group Charoen Pokphand. However, HSBC could have made more had it held on longer, as Ping An’s share price is up 13% on the $HK59 ($7.38) per share deal agreed to on December 4.

HSBC has made a number of insurance sales under CEO Stuart Gulliver, including its Singapore general insurance business to Axa, its Hong Kong general insurance business to QBE and its Taiwanese life business to Allianz.

But it remains in Asia through a recently formed property and casualty bancassurance business with Axa and distributes Axa’s non-life products in India, China and Indonesia.

Ping An is the world’s third-largest insurer behind China Life and Allianz.