Home>News Center>China
       
 

HSBC confirms 19.9% stake in Chinese bank
(Agencies)
Updated: 2004-08-03 10:51

Global banking giant HSBC Holdings announced a 53-percent surge in interim earnings, beating analysts expectations, and confirmed plans for a major push into China's banking industry.

The bank, headquartered in London and now with extensive business interests across the globe, said it had reached agreement on taking a 19.9-percent stake in Bank of Communications, the fifth ranked state bank in China.

HSBC shares meanwhile headed the leaderboard near the close of trading in London, jumping 3.22 percent to 833.5 pence.

The FTSE index of 100 leading London shares edged up 0.05 percent at 4,415.40 points.

HSBC recorded a 53-percent rise in pretax profit to 9.37 billion dollars (7.79 billion euros) in the six months to June compared with the same period in 2003.

The earnings smashed analysts' expectations of a 30-percent gain, while HSBC's key US consumer finance acquisition, Household International, contributed 1.90 billion dollars to pretax profit.

Operating profit before provisions rose 41 percent to 11.80 billion dollars and net profit grew 55 percent to 6.35 billion dollars.

The charge for bad and doubtful debts rose 429 million dollars to 2.80 billion dollars, which included an additional charge against Household International of 1.29 billion dollars.

"Offsetting this, there were substantially fewer large specific provisions required in the corporate sector and the improving economic environment and outlook in both the United States and Hong Kong generated lower requirements for both specific and general provisions," the bank said.

Group chairman John Bond said the interim results were the best ever by the bank.

He added that HSBC remained committed to grow organically rather than through acquisitions.

Bond told a press conference in Hong Kong that "the current operating environment remains favourable" with improving economic conditions in its major markets, particularly in the United States and Hong Kong.

Regarding the group's talks with the Bank of Communications, he said: "Those discussions have gone well and are at a very advanced stage. We have reached agreement in principle on the terms of our investment."

He said an announcement would be made shortly on terms of the deal. Although Bond declined to be drawn on further details or the amount of the agreement, reports have put the figure at around US$2 billion.

Bond meanwhile said that China would play an important role in the bank's long-term strategy.

"We have long-term confidence in China and our wishes are to contribute further to China's banking infrastructure...There's still room for HSBC to open branches in all major cities and China remains very important in our world's long-term strategy," he said.

Speaking at the same press conference David Eldon, chairman of HSBC unit Hongkong and Shanghai Banking Corp. noted:

"The outlook for Hong Kong is generally positive ... the slowdown in China may have an impact in Hong Kong but we have seen momentum underway in Hong Kong which will give us confidence."

Bond noted in a statement that at the start of the six months there had been key questions on the outlook for interest rates, the US and Chinese economies, the weight of consumer debt and the possible impact of international terrorism.

"The global imbalances which brought about such uncertainties remain," he said, adding:

"It would be unwise to relax, particularly when the last 18 months have seen a significant build-up of capital reserves within the financial services industry and while capital investment in the West has remained muted."

Reflecting the bank's successful diversification away from its base in Hong Kong, HSBC said that in the first six months, North America accounted for 33.9 percent of its business, Europe 29.8 percent and Hong Kong 25.2 percent with the rest of Asia adding a further 9.5 percent.



 
  Today's Top News     Top China News
 

Father: I'll only feed you until you're 18

 

   
 

Lee's visit hampers free-trade talks

 

   
 

HSBC confirms 19.9% stake in Chinese bank

 

   
 

Kerry: Bush policies encourage terrorism

 

   
 

Japanese probing chemical weapons

 

   
 

Taxes to be levied on expatriates

 

   
  Anti-graft official stresses people's rights, interests
   
  HSBC confirms 19.9% stake in Chinese bank
   
  Book: I'll only feed you until you're eighteen
   
  Beijing tries to make its loos better
   
  New Baiyun Airport declared open in Guangzhou
   
  Japanese probing chemical weapons
   
 
  Go to Another Section  
 
 
  Story Tools  
   
  Related Stories  
   
HSBC's stake purchase deal goes smoothly
   
Commercial banks achieve profits
   
Foreign banks eye up local lenders
   
Bank reforms moving steadily
  News Talk  
  When will china have direct elections?  
Advertisement
         
主站蜘蛛池模板: 国产在线视频一区| 欧美黑人巨大xxxxx视频| 女人16一毛片| 久久综合亚洲色hezyo国产| 男女一进一出猛进式抽搐视频 | 高h辣肉嗨文公交车| 在线观看免费黄网站| 中文字幕日韩精品有码视频| 欧美aaaaaa级爽激情会所| 亚洲香蕉在线观看| 羞羞视频免费网站入口| 国产成人 亚洲欧洲| 6080yy午夜不卡一二三区| 女人被男人桶得好爽免费视频| 久久久久国产精品| 福利午夜国产网站在线不卡 | 五月天婷婷久久| 没带罩子让老师捏了一节课| 同桌一直在夹腿还嗯啊的叫| 香港三级绝色杨贵妃电影| 国产精品国产香蕉在线观看网| jlzzjlzz亚洲乱熟在线播放| 樱桃视频高清免费观看在线播放 | 97久久精品人妻人人搡人人玩| 成人免费毛片观看| 久久精品国产99国产精品澳门| 精品久久久久国产| 国产人成视频在线观看| 18禁美女黄网站色大片免费观看| 日本在线高清版卡免v| 亚洲另类欧美综合久久图片区| 狠狠色噜噜狠狠狠狠色吗综合| 又黄又爽无遮挡免费视频| 麻豆福利视频导航| 好大好湿好硬顶到了好爽视频| 亚洲亚洲人成综合网络| 爽新片xxxxxxx| 国产卡1卡2卡三卡在线| 18分钟处破好疼高清视频| 天堂网www中文在线| 中国jizzxxxx|