Santander agrees to buy 8 pct of Bank of Shanghai from HSBC

MADRID Tue Dec 10, 2013 11:57am EST

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MADRID Dec 10 (Reuters) - Spain's largest bank Banco Santander said on Tuesday it had agreed to buy HSBC's 8 percent stake in China's Bank of Shanghai and had signed a cooperation agreement.

The deal, including the cooperation agreement, was valued at about 470 million euros ($647.26 million) and should be closed in the first half of 2014, Santander said.

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