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China's BoCom says HSBC won't cut shareholding

Thu Jan 8, 2009 5:19am EST

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SHANGHAI, Jan 8 (Reuters) - China's Bank of Communications (3328.HK) (601328.SS) said on Thursday that HSBC (HSBA.L) (0005.HK), which owns about 19 percent of China's fifth-biggest lender, has told the bank it will not reduce its stake but rather will increase it under appropriate conditions.

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BoCom also said it reaffirmed its long-term strategic relationship with HSBC.

This week, Bank of America (BAC.N) sold part of its stake in China Construction Bank (0939.HK) while a foundation controlled by Hong Kong tycoon Li Ka-shing unloaded shares in Bank of China (3988.HK). (Reporting by Samuel Shen)

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