UBS provided a secret loan of about $5.5bn to enable a Thai company to purchase HSBC’s stake in a Chinese insurer earlier this year, according to people familiar with the deal.
Thailand’s agribusiness giant Charoen Pokphand Group bought HSBC’s 15.6 per cent stake in Ping An, China’s biggest private insurer, for a total of $9.4bn, closing the deal in February.
There was no disclosure at the time of UBS’s role in financing the transaction.
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