Seeking Alpha

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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