HSBC going for growth in China
12 April 2012
HSBC, Europe's biggest bank, plans to take further stakes in banks in mainland China.
In December it bought eight% of the Bank of Shanghai for about £43 million.
HSBC is already the biggest foreign bank in China and is keen to capitalise on its position.
Though it would like to do a big deal, such as a full takeover, such moves are difficult under Chinese regulations, so it plans to increase its footprint by taking further stakes in small banks.
Meanwhile, this week it will announce the full or partial closure of its investment banking activities in Holland.
The bank is reviewing the business, which employs 55, as part of a cost-cutting programme that has seen almost 400 jobs go from its global workforce in the past few months.
