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HSBC: No timetable for raising stake in China's BoCom

Published 06/11/2009, 02:49 AM
Updated 06/11/2009, 03:50 AM
HSBA
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BEIJING, June 11 (Reuters) - HSBC Holdings <0005.HK>, Europe's biggest bank, has no timetable for increasing its stake in China's Bank of Communications <3328.HK><601328.SS>, an HSBC senior executive said on Friday.

HSBC currently owns about 19 percent of China's fifth-biggest lender and has previously said it would be interested in raising that to the 20 percent ceiling imposed by the Chinese government on foreign stakes in domestic banks.

Vincent Cheng, HSBC executive director and chairman for Asia-Pacific, also told reporters that the UK-based bank had no plans to cut its stake in BoCom. He was speaking on the sidelines of a financial forum in Beijing. (Reporting by Aileen Wang and Simon Rabinovitch; Editing by Ken Wills)

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