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Europe's Biggest Bank Talks About JV Setup
By Clare Jim |
August 5, 2009, Wednesday
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Print Edition
Print Edition
HSBC Holding Plc, Europe's biggest bank, is in talks to set up an investment banking joint venture on China's mainland, a senior bank executive said, adding that acquisition prospects in Asia are too expensive and that the bank will focus on organic growth.
The bank is in talks with potential partners to set up an investment banking joint venture, said Vincent Cheng, HSBC executive director and chairman for Asia-Pacific.
The move would allow the bank to expand into China's domestic securities and debt markets.
"We have many networks in Asia, so there is no push for us to buy expensive assets in the region," Cheng told Reuters in an interview yesterday.
Cheng said HSBC has enough capital for acquisitions and had looked into some of Royal Bank of Scotland's Asian assets but found that Asian assets were costly.
Australia and New Zealand Banking Group Ltd yesterday said it had agreed to buy some Asian units from RBS for about US$550 million.
The bank is in talks with potential partners to set up an investment banking joint venture, said Vincent Cheng, HSBC executive director and chairman for Asia-Pacific.
The move would allow the bank to expand into China's domestic securities and debt markets.
"We have many networks in Asia, so there is no push for us to buy expensive assets in the region," Cheng told Reuters in an interview yesterday.
Cheng said HSBC has enough capital for acquisitions and had looked into some of Royal Bank of Scotland's Asian assets but found that Asian assets were costly.
Australia and New Zealand Banking Group Ltd yesterday said it had agreed to buy some Asian units from RBS for about US$550 million.
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