The move seeks to expand the British-based bank's presence in the sizeable fund management market on the mainland.
HSBC has allegedly reached an agreement to buy out the majority stake in its China fund management joint venture, «Reuters» indicated Tuesday, citing two individuals familiar with the matter.
The bank currently owns 49 percent of HSBC Jintrust Fund Management and it had now signed an agreement with Shanxi Trust to buy the remaining 51 percent, the news agency indicated.
Public Auction
Reuters indicated that the transfer of the stake was subject to a public auction of shares, as well as both regulatory review and approval. It indicated the sources talking to the news agency declined to be identified as they were not authorized to speak to the media.
The news agency said that HSBC in Hong Kong declined to comment on the matter and that representatives at the joint venture and Shanxi Trust did not respond.
