Santander To Pay $649M For HSBC’s Bank Of Shanghai Stake

Law360, Washington (December 11, 2013, 1:49 PM EST) -- Spanish financial giant Banco Santander SA has agreed to purchase an 8 percent stake in the Bank of Shanghai from a unit of British rival HSBC Holdings PLC in a €470 million ($649 million) deal, the companies announced Tuesday.

The deal will make Santander the second-largest single shareholder in BOS, as well as the Chinese bank’s “strategic international partner,” it said. It is expected to be closed in the first half of 2014, pending approval from China’s Banking Regulatory Commission, according to the companies.

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