HONG KONG Aug 4 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)
((firstname.lastname@example.org; +852 2843 6369; Reuters Messaging: email@example.com))
((If you have a query or comment on this story, send an email to firstname.lastname@example.org)) Keywords: HSBC/
(C) Reuters 2009. All rights reserved. Republication or redistribution ofReuters content, including by caching, framing or similar means, is expresslyprohibited without the prior written consent of Reuters. Reuters and the Reuterssphere logo are registered trademarks and trademarks of the Reuters group ofcompanies around the world.nHKG250769
Our top photos from the last 24 hours.