HSBC in talks to set up securities JV in China

Tue Aug 4, 2009 4:45am BST

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HONG KONG Aug 4 (Reuters) - HSBC Holding Plc (0005.HK) (HSBA.L), Europe's biggest bank, is in talks to set up a securities joint venture in China, a senior bank executive said on Tuesday, adding that acquisitions in Asia are currently too expensive and that the bank will focus on organic growth.

"We have many networks in Asia so there is no push for us to buy expensive assets in the region," Vincent Cheng, HSBC executive director and chairman for Asia-Pacific, told Retuers in an interview.

Shares of HSBC jumped 6.4 percent on Tuesday, beating a 0.4 percent rise on the benchmark Hang Seng Index .HSI, after the bank reported a better-than-expected first-half profit. [nL3683559]

(Reporting by Clare Jim; Editing by Chris Lewis)

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