It's official: HSBC buys a fifth of China's fifth bank

After all but officially confirming the acquisition at its annual general meeting in London, HSBC agreed to buy a 19.9% stake in Shanghai-based Bank of Communications (BoCom), China's fifth largest lender. Among foreign banks buying up bank assets in China, HSBC now gains the biggest stake in the biggest mainland bank to sell stakes to date. Though neither bank would confirm its value, the deal is reportedly worth US$1.69 billion. At its earlier AGM, HSBC announced interim half-year earnings of US$9.37 billion.