HSBC to sell stake in Bank of Shanghai to Santander
LONDON (Reuters) - HSBC (HSBA.L) said on Tuesday it had agreed to sell its 8 percent stake in Bank of Shanghai to Banco Santander (SAN.MC), as part of its plan to sell off non-core assets.
HSBC said it valued the shareholding at $468 million at the end of September. It added that China remained one of its priority markets.
"Our priorities going forward will emphasize the growth of our own operations in mainland China and our own partnership with Bank of Communications," said Peter Wong, chief executive of HSBC Asia Pacific.
The deal, subject to regulatory approvals, is expected to complete in the first half of 2014, HSBC said.
(Reporting by Matt Scuffham)
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