HSBC shares rise due to Chinese plans
by Richard Kilner
Story link: HSBC shares rise due to Chinese plans
Reports that HSBC is to try and increase its stake in Bank of Communications caused the bank’s shares to rise yesterday.
Jiang Chaoliang, the Bank of Communication’s chairman, told the press in Beijing that both firms had agreed that when regulations permit it HSBC will increase its share to 40%.
At present, HSBC has a stake of 19%, and intends to increase it to just under 20%, which is the current limit set by financial regulators.
The bank would prefer a greater stake in China’s fifth largest lender, though that will require a change in regulations to achieve.
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