HSBC has agreed to buy out its China fund management joint venture partner, two people familiar with the matter said, as the Asia-focused bank pushes ahead with expansion in the world's second-largest economy.
HSBC's logo is seen on its headquarters in Hong Kong, China August 4, 2020. REUTERS/Tyrone Siu/File Photohas agreed to buy out its China fund management joint venture partner, two people familiar with the matter said, as the Asia-focused bank pushes ahead with expansion in the world's second-largest economy.
If approved, Europe's biggest bank by assets, which makes the bulk of its revenue and profit in Asia, will expand its presence in the $3.8 trillion fund management market in China. HSBC's move to boost its stake in the fund venture is the lender's latest to expand its presence in China.
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