LONDON (AFP) - 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.
The joint-venture is subject to final documentation and various conditions including obtaining regulatory and other approvals.
No other details were given but the company said a further announcement was expected to be made shortly.
HSBC is in the vanguard of a charge by foreign banks to tap the booming Chinese economy.
Last month HSBC agreed to pay 1.75 billion dollars to buy a 19.9 percent stake in Bank of Communications -- the biggest single purchase by a foreign investor in China's ailing banking sector.