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HSBC eyes acquisitions in emerging markets

Shanghai set to build Disneyland: report
The Chinese government could give the green light this week for a multi-billion dollar Disney theme park in Shanghai, a report said Monday. Quoting an unnamed government official with direct knowledge of the project, the South China Morning Post said the 3.6 billion dollar amusement park had been approved. Shanghai Mayor Han Zheng told media Sunday that there would be an announcement later this week, but he declined to confirm whether the plan had received final approval, the report said. "What I can say at this moment is that we will hold a press conference to announce the details of the project in the near future," Han was quoted as saying.

In a statement, Disney said the park had yet to be confirmed although the company and Shanghai officials submitted a proposal to China's central government. "No deal has been agreed to, no project has been approved," Leslie Goodman, Disney's executive vice president for worldwide public affairs, said in the statement Monday. Shanghai has been working for almost a decade to land a world-class amusement park, partly to shore up its lagging economic growth compared with other Chinese cities, the report said. There had been speculation that the announcement would be made during US President Barack Obama's visit to China later this month, the report said. Hong Kong opened a Disney theme park in 2005.

by Staff Writers
 Taipei (AFP) Nov 2, 2009
 British banking giant HSBC Holdings said Monday it is eyeing 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 to 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.

Also Monday, HSBC Holdings group Chairman Stephen Green said at a separate 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.

HSBC in August mandated China International Capital Corp. and Citic Securities as bookrunners on its planned 3-5 billion US dollar Shanghai initial public offering next year, Dow Jones said.

The bank is seeking a 2010 listing, although the timing of the deal is subject to authorities' relaxation of rules against foreign-controlled companies listing on stock exchanges in China.

In September the bank announced it was to move its chief executive, Michael Geoghegan, to Hong Kong from London as it sought to underline its large presence in fast-growing emerging markets in Asia.

Reflecting its origins as the Hongkong and Shanghai Banking Corporation, the bank at the time said that the move "further positions the group for the shift in the world's centre of economic gravity from West to East."

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