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Banco Santander SA acquires 8 pct stake in Bank of Shanghai from HSBC Holdings PLC's subsidiary


Tuesday, 10 Dec 2013 11:42am EST 

Banco Santander SA:Says it has entered into an strategic and technical cooperation agreement with Bank of Shanghai, a bank in the People’s Republic of China (PRC).Says Santander has agreed to acquire from The Hongkong and Shanghai Banking Corporation Limited (HSBC), a wholly owned subsidiary of HSBC Holdings PLC, its 8 pct shareholding in Bank of Shanghai.Says it estimates that its combined investment in the transaction, comprising the consideration for acquiring the 8 pct shareholding from HSBC and the costs for providing the strategic and technical cooperation to Bank of Shanghai, will reach about 470 million euros.Says it expects to close the acquisition of its shareholding in Bank of Shanghai during the first semester of 2014. 

Company Quote

78.6
-0.3 -0.38%
11 Jul 2014