HSBC plans Minsheng Bank stake
11 February 2005
HSBC (Holdings) PLC is awaiting approval from Chinese regulators to buy a stake in China Minsheng Banking Corp., the country's first listed private bank, National Business Daily reported, citing unnamed sources close to the deal. Giving few details, the report said HSBC would take advantage of its status as a Qualified Foreign Institutional Investor with a license to trade in local currency A-shares and convertible bonds to buy China Minsheng A-shares on the market. The news follows Singapore's Asia Financial Holdings purchase last month of state-owned China National Coal Group Corp's entire 4.55% stake in China Minsheng, making it the bank's seventh largest shareholder.