Approval for HSBC to launch its groundbreaking joint venture in China – the first to have a foreign-held majority – has been a long time coming.
HSBC first announced the JV, with local partner Shenzhen Qianhai Financial Holdings, in November 2015 — so long ago that its partner has since changed its name, dropping the ‘Shenzhen’, and the announcement appears to have vanished from HSBC’s site. The only remaining trace is Stuart Gulliver’s comment during the 2015 results two Februaries ago that “subject to approvals, the joint venture will be operational during the second half of this year”.
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