Banking News

HSBC eyeing stake in Chinese bank

HSBC eyeing stake in Chinese bank

(25 May 2004 – Hong Kong) HSBC has reportedly opened discussions with China’s Bank of Communications with a view to securing a stake in what is the smallest of the five state-owned banks. The reports have not been confirmed by either bank.

Bank of Communications recently ended talks with Standard Chartered but is searching for a strategic partner before it launches a public share offering. Foreign banks are allowed to own 25 percent of Chinese banks.

Late last year, HSBC and Standard Chartered vied for a stake of South Korea’s Koram Bank, which was eventually sold to Citigroup for US$2.7 billion in March.

HSBC has stakes in Chinese organisations Bank of Shanghai, Industrial Bank and Ping An Insurance.

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