HSBC to buy 52.87 pct in China Securities Investment for 103 mln usd

HONG KONG (AFX-ASIA) - HSBC Asset Management (Europe) Ltd said it has agreed to buy a 52.87 pct stake in China Securities Investment for 103 mln usd in cash from China Development Industrial Bank Inc.

	    In a statement, it said the consideration involved will be met by internal cash resources of the HSBC Group.

	    The agreement values China Securities Investment Trust at about 200 mln usd, it said.

	    HSBC said it is also offering to acquire the outstanding shares of the asset management company held by the remaining minority interests on similar terms.

	    HSBC Holdings PLC Group chairman John Bond said: "It is an exciting acquisition representing a valuable addition to our asset management group of 

companies and demonstrates our commitment to expanding our asset management business in Asia".

	    "The acquisition also complements the HSBC Group's growing wealth management business in Taiwan. The long-term prospects for Taiwan's economy, management industry and personal banking business are bright," he added.

	    China Securities Investment Trust has about 3 bln usd worth of assets under management, it said.

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