HSBC has agreed to buy its partner in China’s fund management joint venture, as the Asia-focused bank continues to expand within the world’s second-largest economy.
HSBC signed an agreement with Shanxi Trust to sell the Chinese state-owned company its 51% stake in the British Bank’s joint venture.
The transaction is subject to public auction of shares and review and approval by regulators. If approved, Europe’s largest asset bank, which generates the bulk of its revenue and profits in Asia, will expand its presence in China’s $3.8 trillion fund management market.
HSBC Jintrust, according to the joint venture’s website, owns $7.7 billion in funds under management as of the end of March.
In 2021, the British Bank transformed China’s Joint Insurance Project into a wholly owned subsidiary and strengthened the ownership of its China Joint Stock Project to 90% last year.
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