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HSBC in talks to buy stake in Chinese bank
(Agencies)
Updated: 2004-06-25 14:38

HSBC Holdings Plc is in talks to buy a 19.9 percent stake in China's Bank of Communications, the fifth-largest lender in China, expanding its presence on the mainland.

The widely expected move reportedly could be worth as much as US$1 billion, and would give the London-based lender an edge over other foreign competitors eager to establish a foothold in the mainland's banking sector.

Shanghai-based Bank of Communications had said in May it was courting firms such as HSBC HSBA.L -- one of the more aggressive players in a restrictive arena due to open to foreign banks in 2007.

HSBC, the world's second-largest bank by market value, now owns slices of Bank of Shanghai and Ping An Insurance, China's second-largest life insurer, which debuted on the Hong Kong Stock Exchange on Thursday after a US$1.84 billion IPO.

"Both sides have basically reached an agreement on this," said Li Fuan, deputy head of the policy and regulation department at the China Banking Regulatory Commission.

"The maximum stake (that) can be sold is 20 percent," he said, adding the sale would need final approval from regulators. "The price is something they will negotiate."

Li said the deal with HSBC was part of a wider restructuring of the Bank of Communications that would see existing shareholders inject 30 billion yuan to raise its capital-adequacy ratio, which according to international standards should be at least 8 pct.

The bank's biggest owner is the Ministry of Finance.

Li said the national social welfare fund would join as a new shareholder.

The deal will give the UK-based lender, which already has stakes in two second-tier commercial banks, unprecedented access to the country's retail banking market.

The Shanghai-based Bank of Communications, established in 1908, operates in 86 cities and has more than 2,700 outlets in the country.

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