Santander to buy HSBC's Bank of Shanghai stake

HSBC looks to move more non-core assets of the books, agreeing to sell its 8% stake in Bank of Shanghai to Banco Santander (SAN -0.2%). The price hasn't been disclosed, but the stake was last seen on HSBC's balance sheet as an available-for-sale asset with fair value around $468M.

"Our priorities going forward will emphasize the growth of our own operations in mainland China and our own partnership with Bank of Communications," says HSBC Asia Pacific boss Peter Wong.

The deal, subject to regulatory approvals, is expected to close in H1.

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