- HSBC Holdings, Plc. (NYSE:HSBC) is headed to buy out its China fund management joint venture HSBC Jintrust Fund Management.
- The company, which owns a 49% stake in HSBC Jintrust Fund Management, has inked a pact with Shanxi Trust for the deal, Reuters reported citing two persons familiar with the matter.
- Under the deal, Shanxi Trust will sell its 51% holding in the joint venture to the bank, said the sources. Once the deal is complete, HSBC will own the entire stake in HSBC Jintrust.
- However, Reuters added that it was not immediately clear how much HSBC would pay Shanxi Trust to buy the remaining interest in HSBC Jintrust.
- The deal will likely expand HSBC Holdings’s presence in the $3.8 trillion fund management market in China.
- Price Action: HSBC shares are trading higher by 0.24% at $38.29 premarket on the last check Monday.
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