LONDON – HSBC said on Wednesday it had increased its stake in its China securities brokerage, through a deal to buy equity from its state-owned partner Qianhai Financial Holdings.
The London-based bank said the transaction had taken its stake in HSBC Qianhai Securities from 51% to 90%. HSBC did not disclosure the financial details of the deal.
Reuters reported in January that Qianhai Financial Holdings was selling most of its equity ownership in the Shenzhen-based venture and that HSBC was expected to bid.
Qianhai Financial Holdings will retain a 10% stake after the deal, the statement said.
(Reporting by Iain Withers, editing by Andres Gonzalez)