China's BoCom eyes credit card venture with HSBC

BEIJING: Depository Financial Institution of Communications,
China's fifth-largest lender, is in negotiation with its spouse HSBC to put up a
credit card company, President Jiang Chaoliang said on Monday. The
bank have already submitted proposals for the venture to the regulatory
authorities, Jiang told newsmen during the yearly session of China's
parliament. He also said BoCom, in which HSBC Holdings Plc throws a roughly 19
percent stake, was interested in purchasing into a foreign commercial depository financial institution in either
the United States, Europe or Asia. He named no possible name calling and
ruled out for now seeking to purchase a interest in an investing bank. Jiang said BoCom
was also still aiming to establish a pension monetary fund direction articulation venture with
HSBC. Plans for that concern were first reported in October. Jiang
said last hebdomad BoCom had already applied for regulating blessing to purchase a
controlling interest in an insurance company to spread out its beginnings of net income as loan growth
slows this year.