HSBC Holdings Acquiring Interest in Bank of Shanghai

HSBC ^ | 29 December 2001 | NA

[Hopalong]

HSBC to acquire minority shareholding in Bank of Shanghai

29 December 2001

The Hongkong and Shanghai Banking Corporation Limited has today signed an agreement to acquire an eight per cent equity stake in the Bank of Shanghai for RMB517.92 million (approximately US$62.6 million) in cash.

The Bank of Shanghai was established in mainland China in 1995. It has assets of RMB96,325 million (approximately US$11,639 million) as at 31 December 2000, 196 branches throughout Shanghai and 4,500 staff. The bank serves a broad range of customers and provides personal and corporate banking services as well as payment, trade finance and treasury services.

David Eldon, Chairman of The Hongkong and Shanghai Banking Corporation, said: "The Bank of Shanghai has a wealth of knowledge about China’s domestic banking sector. In return, we offer the international reach and experience of the HSBC Group. We look forward to strengthening this mutually beneficial relationship with the Bank of Shanghai."

HSBC was established in Hong Kong and Shanghai in 1865 and now has one of the largest presences in mainland China among foreign banks. With its China head office in Pudong, Shanghai, the bank’s mainland network spans 11 major cities, including nine branches in Beijing, Dalian, Guangzhou, Qingdao, Shanghai, Shenzhen, Tianjin, Wuhan and Xiamen, a sub-branch in Puxi, Shanghai, and two representative offices in Chengdu and Chongqing.

Notes:

1. The Hongkong and Shanghai Banking Corporation Limited

The Hongkong and Shanghai Banking Corporation Limited is the founding and a principal member of the HSBC Group which, with over 6,500 offices in 78 countries and territories and assets of US$692 billion at 30 June 2001, is one of the world’s largest banking and financial services organisations.

2. Bank of Shanghai

The Bank of Shanghai was established in mainland China in 1995. It has assets of RMB96,325 million (approximately US$11,639 million) at 31 December 2000, 196 branches throughout Shanghai and 4,500 staff. The bank serves a broad range of customers and provides personal and corporate banking services as well as payment, trade finance and treasury services.

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For the original article, click here.

For education and discussion only.

[Hopalong]

FYI.

Best regards. S&W R.I.P.

[Hopalong]

HSBC Brokerage Unit Pleads Guilty in Ponzi Scheme:

"Republic New York was bought by British bank HSBC Holdings Plc in 1999 from billionaire financier Edmond Safra. The securities unit is no longer an active unit of HSBC and prosecutors said the parent company has fully cooperated with authorities...."

Regards to all. S&W R.I.P.

[American Preservative]

Thanks for the ping.

[PhilDragoo]

The Martin Armstrong Defense Fund is here.

I find it extraordinary that the bank admits to wrongdoing and can buy its way out, yet Armstrong was stripped of his assets and rots in a New York jail.

I invite all to read of his case on his site and ask yourselves why someone would do what he is alleged to have done.

I see him as the designated patsy in this.

Note that the judge in the case named his former clerk to strip Armstrong of his assets.