Reports from China suggest that London-based banking group HSBC is looking to bolster its presence in the country by expanding its alliance with the domestic Bank of Communications (BoC).
HSBC currently owns a fifth of BoC, China’s fifth largest lender, and local media reports suggest the two groups have inked a three year deal that will see them launch further joint products in the area of retail banking, securities and corporate finance.
The Hong Kong newspaper Wen Wei Po also reports that HSBC is considering listing on the Chinese mainland given the country’s prodigious economic growth.
Separately, HSBC has received authorization to open a branch in Hangzhuo, according to Bloomberg. The bank – founded in Hong Kong in 1865 – now has 13 branches in China overall.