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 per cent to 90 per cent. 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 per cent stake after the deal, the statement said.
