HSBC Increases Stake in China Brokerage Venture to 90%

(Bloomberg) — HSBC Holdings Plc raised its stake in its Chinese securities venture to 90%, giving Europe’s largest bank a firmer foothold as it pushes to expand in the world’s second-largest economy.

The London-based bank raised its ownership in HSBC Qianhai Securities from 51% by partially buying out its partner, Qianhai Financial Holdings Co., which will retain a 10% stake, according to a statement. The transaction amount wasn’t disclosed.