2nd Nov 2007 13:30
HSBC Holdings PLC02 November 2007 HSBC RAISES STAKE IN BANK OF COMMUNICATIONS TO 19 PER CENT HSBC has raised its stake in the Bank of Communications (BoCom) to 19 per centfrom 18.6 per cent previously. The increase came about through HSBC purchasing 130,511,000 BoCom H-shares atHK$12.39 per share on 23 October and an additional 42,000,000 shares on 24October at HK$13.03 per share. HSBC is the largest international bank in mainland China by branch network. Inaddition to its strategic stake in BoCom, it also has a 16.8 per cent stake inPing An Insurance, 8 per cent in Bank of Shanghai, 49 per cent in HSBC Jintrust,an asset management joint venture with Shanxi Trust and Investment CorporationLimited (Jintrust), and a 24.9 per cent stake in a joint venture insurancebroker, Beijing HSBC Insurance Brokers Limited. Hang Seng Bank, a principalmember of the HSBC Group, holds 12.78 per cent of Industrial Bank. Note to editors The HSBC GroupThe HSBC Group is one of the largest banking and financial servicesorganisations in the world. The Group has around 10,000 offices in 83 countriesand territories in Europe, the Asia-Pacific region, the Americas, the MiddleEast and Africa, serves over 125 million customers and has assets of US$2,150billion at 30 June 2007. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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