Deals
HSBC Sells 8% Stake in Bank of Shanghai to Spain’s Santander
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HSBC Holdings Plc, Europe’s largest bank, agreed to sell its 8 percent stake in Bank of Shanghai Co. to Banco Santander SA as it exits minority investments to boost profitability.
HSBC didn’t disclose a price for the shareholding valued at about $468 million on its balance sheet, according to a statement from the London-based bank yesterday. The lender paid about $63 million in 2001 for the stake.