Santander (SAN.MC), Spain\’s largest bank, is to buy HSBC\’s (HSBA.L) 8 percent stake in Bank of Shanghai, just as many international rivals are beginning to sell out of China.
Santander, which already has a consumer finance venture in China as well as a car financing business, said on Tuesday the Bank of Shanghai deal also included a cooperation agreement, taking the value of its investment to 470 million euros ($647.3 million).
Several major U.S. and European banks including Bank of America (BAC.N) and Switzerland\’s UBS (UBSN.VX) have started shedding their Chinese holdings for a variety of regulatory and business reasons.
via Santander ups bet on China with Bank of Shanghai stake | Reuters.
CHINDIA ALERT: You'll be living in their world, very soon 