LONDON – HSBC mentioned on Wednesday it had elevated its stake in its China securities brokerage, via a deal to purchase fairness from its state-owned companion Qianhai Monetary Holdings.
The London-based financial institution mentioned the transaction had taken its stake in HSBC Qianhai Securities from 51% to 90%. HSBC didn't disclosure the monetary particulars of the deal.
Reuters reported in January that Qianhai Monetary Holdings was promoting most of its fairness possession within the Shenzhen-based enterprise and that HSBC was anticipated to bid.
Qianhai Monetary Holdings will retain a ten% stake after the deal, the assertion mentioned.
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