HSBC to get $1.5 bln from Taiwan to take over bank
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TAIPEI/HONG KONG  - HSBC  will receive T$47.5 billion (US$1.5 billion) in Taiwan government funds and make a major cash infusion to rescue the failed Chinese Bank, in the latest Taiwan acquisition by a major foreign bank.
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The owners of a Chinese restaurant are ordered to repay Â£1.5m after carrying out money laundering.
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The Australia and New Zealand Banking Group hired Michael Smith, head of Asia for HSBC Holdings, as chief executive to drive expansion in Asia, where the bank plans to double investment. Mr. Smith, 50, who worked for HSBC for 29 years, succeeds John McFarlane, who ran the bank for a decade. âIâve watched the Australian banks for a number of years and often wondered why they havenât done more in Asia,â Mr. Smith said in an interview. ââWhen a market like Australia becomes mature, you have to look for opportunities elsewhere and I really do feel there is a significant opportunity in Asia.â.
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The company said it is selling the unit to Standard Chartered for nearly $1.1 billion so it can focus on its core credit card business.
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Business & money: Bank working to raise around Â£10bn from the Chinese and Singapore governments.
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HSBC Holdings Plc, Europe&#39;s biggest bank by market value, and Standard Chartered Plc are vying for control of Korea First Bank after neither of the UK-based lenders could agree a price with its biggest shareholder.
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The selection yesterday of global banking powerhouse HSBC Plc as the preferred bidder to take over Korea First Bank, the smallest nationwide bank, heralds more intense competition in Asia&#39;s thirdbiggest retail banking market.
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HSBC , Europe's biggest bank, said on Monday it expected to remain profitable in Taiwan in 2008, as its acquisition of a local rival will help it access more clients in Asia's third-largest wealth management market.
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Sydney - Global resources giant BHP Billiton on Tuesday announced a share buy-back of A$1 billion to A$1.5 billion (R4.65 billion to R6.
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HSBC  , Europe's biggest bank, said on Monday it had agreed to buy a 51.02 percent stake in Korea Exchange Bank , the sixth largest bank in Korea, for about $6.3 billion cash.
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The company, battered by the subprime crisis, said it would sell a $5 billion stake to a Chinese investment.
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HSBC, the UK's largest bank, agrees to buy 51% of Korea Exchange Bank for $6.3bn.
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Outgunned in the bidding war for a leading South Korean bank, HSBC may be preparing to line up an even bigger target for acquisition, Korea Exchange Bank.
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The German government agrees to a 1.5bn euros rescue package for struggling bank IKB.
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British-based banking giant HSBC Holdings is to team up with Shanxi Trust and Investment Corp to form a joint venture fund management company in China, HSBC announced.
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HSBC Holdings is in talks to buy Korea First Bank from controlling shareholder Newbridge Capital, a senior South Korean official says, in a deal reportedly worth up to $3.
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HSBC Holdings , Europe's biggest bank, is acquiring The Chinese Bank Co. in Taiwan and will provide it with additional capital of between $300 million and $400 million, it said on Friday.