HSBC buys bigger stake in its China securities venture
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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)
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