Date
23 August 2017

HSBC to sell its stake in Bank of Shanghai, statement says

The Hongkong and Shanghai Banking Corp. Ltd., a wholly-owned subsidiary of HSBC Holdings Plc (00005.HK), will sell its entire 8 percent stake in Bank of Shanghai Co. Ltd. (BOS) to Spain’s Banco Santander S.A, according to an emailed statement from HSBC Wednesday. The stake is worth about HK$3.63 billion (US$468 million). The transaction, if approved by regulators, is expected to be completed within the first half of 2014. Peter Wong, chief executive of HSBC Asia Pacific, said in the statement that China remains one of the bank’s priority markets. Going forward, the lender will focus on growth of its own operations in the mainland and the partnership with Bank of Communications Co. Ltd. (03328.HK, 601328.CN), he said.

– Contact HKEJ at digest@ejinsight.com

MY/AC/RC

 

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