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HSBC Reportedly Buying Stake in Bank of Communications
Global banking giant HSBC will take a 15% stake in the Bank of Communications, China' s fifth largest bank, a Beijing-backed newspaper reported yesterday.

But there are no further details on the deal, including its value.

A spokesman for Shanghai-based Bank of Communications had no comment on the report, and an HSBC spokesman in Hong Kong also declined to comment.

HSBC has been named frequently as a potential investor in different Chinese banks since it took an 8% stake in the Bank of Shanghai in late 2001, becoming the first foreign commercial bank to invest in a domestic lender. It also bought a 10% interest in Ping An Insurance Co last year.

(Edited by china.org.cn January 15, 2003)

Capital Markets to Be Conference Focus
HSBC Insurance to Take 10% Stake in Ping An
HSBC Sets up New Service Center in Shanghai
HSBC to Offer Foreign Currency Services in Mainland Branches
Bank in Beijing Gets OK to Provide Foreign Currency Accounts
HSBC Allowed Foreign Currency Dealing in Beijing
HSBC Gets Permission to Offer Forex Services to Chinese
HSBC to Take Minority Stake in Bank of Shanghai
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