HSBC not looking at listing in India

HSBC not looking at listing in India
AFP
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First Published: Tue, Nov 03 2009. 12 55 AM IST
Updated: Tue, Nov 03 2009. 12 55 AM IST
Taipei: Stephen Green, group chairman of British banking giant HSBC Holdings Plc, said on Monday at a conference that the lender is not planning to follow rival Standard Chartered Plc’s footsteps in considering a listing in India.
Standard Chartered said in October it is working with Indian authorities for a listing in the country, possibly in the second quarter of next year.
The bank also said it is looking at acquisition opportunities in emerging markets and plans to open new branches in China.
“In terms of things that come up in Asia, we are of course interested in seeing things come up... China is obviously one market we are interested in,” the bank’s Asia-Pacific chief executive, Sandy Flockhart, told reporters in Taipei following a board meeting.
“Generally speaking, the emerging markets...are where we would like to see the bulk of our investments taking place,” he said.
HSBC aims to have 100 outlets in China at the end of this year, up from the current 87, and add another 15-20 in 2010 as it obtains regulatory approval, Flockhart said.
The banking titan is in advanced talks to buy the retail and commercial banking assets of Royal Bank of Scotland Group Plc (RBS) in China, India and Malaysia, Dow Jones Newswires said, citing an unnamed source.
HSBC in August mandated China International Capital Corp. and Citic Securities as bookrunners on its planned $3-5 billion (Rs14,100-23,500 crore) Shanghai initial public offering next year, Dow Jones said.
The bank is seeking a 2010 listing.
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First Published: Tue, Nov 03 2009. 12 55 AM IST