HSBC insists China focus remains after €470m sale to Santander

City A.M. Reporter
SANTANDER, Spain’s largest bank, is to buy HSBC’s eight per cent stake in Bank of Shanghai, just as many international rivals are beginning to sell out of China.

The Spanish giant said yesterday that the Bank of Shanghai deal also included a cooperation agreement, taking the value of its investment to €470m (£393m).

Asia-focused HSBC insists China is still one of its priority markets. Chief executive Stuart Gulliver has said in recent months that its 19 per cent stake in China’s Bank of Communications remained core.

“Our priorities... will emphasise the growth of our own operations in mainland China and our own partnership with Bank of Communications,” CEO of HSBC Asia Pacific Peter Wong said.