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HSBC becomes majority shareholder in China fund venture



HSBC has agreed to buy part of its partner’s stake in a China fund venture, becoming the majority shareholder and expanding in the world’s second-largest economy. The bank, which owns 49% of HSBC Jintrust Fund Management, reached an agreement with Shanxi Trust to acquire an additional 31% for about CNY1bn (USD137.9m), pending regulatory approval. This move aligns with HSBC’s growth in China, despite economic challenges. Recently, HSBC also completed the purchase of Citigroup’s retail wealth management portfolio in China, amounting to about USD3.6bn in assets. HSBC Jintrust Fund Management oversees approximately CNY46.3bn. HSBC also acquired the remaining 50% stake in HSBC Life China and launched private banking initiatives across six mainland cities.

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