HSBC Committed To Participating In Bank Of Communications Rights Issue
March 17 2010 - 2:33AM
Dow Jones News
HSBC Holdings PLC (HBC) is committed to participating in Bank of
Communications Co.'s (3328.HK) CNY42 billion rights issue, Chief
Executive Michael Geoghegan said Wednesday.
"Bank of Communications is HSBC's NO.1 banking association in
China," Geoghegan told reporters at a media briefing in Shanghai.
HSBC owns an 18.6% stake in the state-run Chinese lender.
He also said the bank expects to use the proceeds from a future
listing in Shanghai to help finance its expansion in China.
In February, Geoghegan moved to Hong Kong from London, a
symbolic gesture that highlights the rising importance of the U.K.
bank's business in Asia for its growth--particularly in China.
-Rose Yu contributed to this article, Dow Jones Newswires; 8621
6120-1200; rose.yu@dowjones.com
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