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HSBC to Take Minority Stake in Bank of Shanghai

British banking giant HSBC Holdings Plc. will sign an agreement on Saturday to acquire an eight percent minority stake in the Bank of Shanghai, a report said.

The deal makes the Hong Kong and Shanghai Banking Corporation (HSBC)the first foreign bank to take an equity stake in a mainland bank since China's accession to the World Trade Organization this month, the South China Morning Post reported.

HSBC said in a statement on Friday that the acquisition of the Shanghai-based small commercial bank would cost 517.92 million yuan (US$62.65 million).

The World Bank's International Finance Corp.(IFC) also has a five percent equity stake in the Bank of Shanghai.

The Bank of Shanghai had assets of some US$11.6 billion by December 31, 2000.

(China Daily December 29, 2001)


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