HSBC sells 8 per cent stake in Bank of Shanghai

HSBC's Asian subsidiary is to sell its entire 8.0 per cent shareholding in Bank of Shanghai to Banco Santander.The assets were accounted for as an available-for-sale asset with a fair value of 285.4m pounds.HSBC Asia Pacific Chief Executive Officer Peter Wong placed the transaction with the context of the lender's strategy of emphasising growth in its operations on mainland China, together with its own partnership with Bank of Communications. The transaction has been carried out before a possible listing by Bank of Shanghai on the Shanghai Stock Exchange. As of 12:13 shares of HSBC were rising by 0.34% to the 654.3p mark. AB