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March 27, 2018

Fosun and HSBC ink cooperation pact

Chinese conglomerate Fosun International has signed a strategic alliance with British banking group HSBC to drive its growth plans.

Under the partnership, HSBC will offer corporate financing services, cash management and settlement services, global capital market operations, as well as market risk hedging services to the Chinese group.

HSBC (Asia Pacific) vice chairman of commercial banking Stuart Grant said: “Our network in 67 markets across the world covers 90% of global GDP, trade and capital flows. This strength enables us to offer a unique insight into international expansion strategies and makes us well positioned to support Chinese enterprises with global ambitions.”

Fosun International CEO Wang Qunbin added: “Through this partnership, Fosun can leverage the vast network and resources of HSBC to strengthen and accelerate our global growth strategy, in particular, our ecosystems founded on health, happiness and wealth and our investment and development into world-class technology and innovation.”

The latest agreement comes shortly after the firm’s acquisition of Brazilian wealth manager and institutional brokerage Guide Investimentos.

Fosun, set up in 1992, managed over RMB500bn in assets as at 30 June 2017.

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