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HSBC aims to up stake in China's BoCom

(Agencies)
Updated: 2009-03-06 12:46

HSBC Holdings, Europe's biggest bank, will increase its stake in China's Bank of Communications should opportunities arise, a senior executive said on Friday.

The bank owns about 19 percent of China's fifth-biggest lender and under the current regulation a foreign bank could own not more than 20 percent of a Chinese bank.

"Our US business has contracted and there is room for us to seek opportunities in the Asia-Pacific region," HSBC Executive Director and Chairman for Asia-Pacific Vincent Cheng told reporters.

"We will increase our stake in BoCom if opportunities arise," Cheng said.