Bank of Communications to allow HSBC appoint Vice Chairman

(ShareCast News) - China's Bank of Communications (BoCom) will allow HSBC Holdings to name a vice chairman for its board amid a restructuring of its ownership.The move comes part of the the Shanghai-based bank's plan to give private capital a bigger role, people familiar with the matter told Bloomberg. Although no further details were disclosed, the sources said that the vice president chosen by HSBC will probably assume the position by the end of September.China's finance ministry holds 26.5% of BoCom's stake. HSBC owns 18.7%.