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HSBC said it would continue to invest in Chinese mainland banks, because it not only yields good returns, but also helps the bank develop partnerships for business development.
According to a report in Hong Kong's Sing Tao Daily newspaper Monday, the bank's Hong Kong-based chief executive in charge of investment banking and markets in the Asia Pacific region, Stuart Gulliver, said in the wake of its investment commitments to the Bank of Shanghai that HSBC will continue to eye other mainland banks to invest in their shares.
HSBC is reportedly eyeing shares of the Shenzhen Development Bank, according to the newspaper.
"Our investment in the Bank of Shanghai has been an attractive investment. If we have similar opportunities, we will continue to purchase shares of other Chinese mainland banks," Gulliver said.
One benefit he highlighted is the possibility of utilizing such investments to build it bigger network through the existing bank branches on the mainland to capitalize on businesses in the midst of the 7 percent or 8 percent economic growth there.
(Xinhua News Agency August 13, 2002)
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