HSBC buys bigger stake in its China securities venture
Tweet
Share
E-mail
FILE PHOTO: A man walks past a logo of HSBC at its headquarters in Kuala Lumpur, Malaysia August 6, 2019. REUTERS/Lim Huey Teng/
LONDON (Reuters) - HSBC said on Wednesday it had increased its stake in its China securities brokerage, through a deal to buy equity from its state-owned partner Qianhai Financial Holdings.
The London-based bank said the transaction had taken its stake in HSBC Qianhai Securities from 51% to 90%. HSBC did not disclosure the financial details of the deal.
Reuters reported in January that Qianhai Financial Holdings was selling most of its equity ownership in the Shenzhen-based venture and that HSBC was expected to bid.
Qianhai Financial Holdings will retain a 10% stake after the deal, the statement said.
(Reporting by Iain Withers, editing by Andres Gonzalez)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Trump says Iran options are let Tehran fail economically or 'hit them really hard'
- US FDA finalizes new guidance on fresh-cut produce
- Nvidia is developing Nemotron 4 open-source models, The Information reports
Create E-mail Alert Related Categories
ReutersRelated Entities
HSBCSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
