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HSBC raises stake in Chinese securities ventures

HSBC Holdings has raised its ownership in HSBC Qianhai Securities from 51% to 90%. The London-based bank is partially buying out the Chinese securities venture’s partner, Qianhai Financial Holdings, which will retain a 10% stake. Europe’s largest bank is pushing to expand in the world's second-largest economy in everything from brokering deals to wealth management and insurance as the nation opens its financial markets. David Liao, co-chief executive of HSBC Asia-Pacific, said that China has one of the most significant capital markets in the world, supporting economic growth and investment opportunities. Liao added that the increasing stake in HSBC Qianhai Securities reflects their commitment to developing China's rapidly growing capital markets, and bolsters their presence in a key market.

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