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HSBC reported in China move

HSBC reported in China move

(China) - Global banking giant HSBC is reportedly set for a major deal in China, according to Beijing-backed media sources. HSBC is reportedly taking a 15 percent stake in China's fifth largest bank, Bank of Communications, which has assets of more than US$80 billion.

Other reports claim HSBC will be permitted to take a stake of more than 15 percent, higher than the official limit.

Bank of Communications has been on the lookout for a global partner, and has approached both HSBC and Citibank.

Citibank is considered unlikely to move on Bank of Communications following its purchase of a 5 percent stake in Shanghai Pudong Development Bank last month.

HSBC also bought a 10 percent stake in Ping An Insurance Co last year.

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