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.
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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