HSBC plans sale of Bank of Shanghai interest -report

By Wenwen Meng | August 10 2011 10:31 PM

HSBC plans to dispose of its 8 percent stake in Bank of Shanghai, a Chinese newspaper reported on Thursday, citing unidentified sources.

REUTERS

George Collum walks past a branch of HSBC bank which is closing in Buffalo, New York November 20, 2009. The bank was the only bank in the immediate neighborhood.

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HSBC's plan to exit from the Chinese lender comes as China Investment Corp, the country's sovereign wealth fund, has bought the International Finance Corporation's 7 percent stake in Bank of Shanghai, the 21st Century Business Herald reported, citing sources familiar with the matter.

HSBC and China Investment Corp were not immediately available for comment.

Earlier this month, HSBC said it would cut 30,000 jobs as it slashes costs and retreats from countries such as Russia, Poland and the United States, where it lacks scale or is struggling to compete.

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