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HSBC completes acquisition of 19.9 per cent of Bank of Communications Limited
18 August 2004
The Hongkong and Shanghai Banking Corporation Limited, a wholly-owned subsidiary of HSBC Holdings plc, has completed its acquisition of a 19.9 per cent interest in Bank of Communications Limited. The conditions to which the transaction was subject, including the regulatory and other approvals, have been met.
This transaction represents the largest single equity investment in a mainland China bank by a foreign bank.
Bank of Communications is China’s fifth largest bank with total assets of US$111.9 billion at 31 December 2003. It is one of only 15 commercial banks with a national banking licence, giving it the ability to operate without geographical restrictions. Headquartered in Shanghai, the bank has around 2,700 branches and outlets across 137 of the wealthiest cities in mainland China.
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