HSBC Aims To Boost Presence In Mainland China - FT
15 February 2012 - 6:08PM
Dow Jones News
HSBC Holdings PLC (HBC) aims to increase its presence in
mainland China by expanding its branch network or by raising its
stake in Bank of Communications Co. (601328.SH), the Financial
Times reported on its website.
Chief Executive Stuart Gulliver told the FT he wanted his bank
either to substantially lift its holding in BoCom, one of China's
big five banks, from 20%, if given regulatory approval or increase
its mainland China branch network to about 800 from 110.
Mainland China has long been a core part of HSBC's expansion
strategy. But its latest plans come amid industry concerns about
the momentum for reform in China and doubts over the country's
interest in opening further to foreign banks, the report said.
Newspaper website: http://www.ft.com
-London Bureau, Dow Jones Newswires; +44 (0)20 7842 9320