6 June 2010
HSBC, through its wholly owned subsidiary The Hongkong and Shanghai Banking Corporation Limited, has undertaken to subscribe for its full entitlement of H-shares in the planned Bank of Communications rights issue of new A- and H-shares, details of which were announced by Bank of Communications today.
Under the terms of the transaction, HSBC has agreed to subscribe for 1,396,802,037 H-rights shares at HK$5.14 per share. The transaction represents a consideration of approximately HK$7,180 million (approximately US$921 million), which will be funded from internal Group resources.
Michael Geoghegan, HSBC's Group Chief Executive and Chairman of The Hongkong and Shanghai Banking Corporation, said: "Bank of Communications is our strategic banking partner in mainland China and we are very pleased with the progress we have made together over the last six years. HSBC is already the leading international bank in China, and our strategy is to expand through a range of strategic partnerships and by further developing our own HSBC network, which will shortly reach 100 outlets."
HSBC made its first investment in Bank of Communications, China's fifth largest bank by total assets, in August 2004, and its current shareholding in Bank of Communications is 19.01 per cent. HSBC cooperates with Bank of Communications on over 60 initiatives, including joint credit card activities in China, renminbi (RMB) trade settlement and payments and cash management services. The joint credit card activities in China were launched in October 2004, with over 13 million cards now in issue.
HSBC's undertaking to subscribe to the H-share rights is subject to certain conditions.
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