HSBC, the world's second-largest lender by market value behind Citicorp, says it is still negotiating to buy a stake in China's Bank of Communications, the country's fifth largest.

There are reports the deal could be worth over US$1.8 billion, double the original estimate, although HSBC will not confirm or deny this.

The sale of the stake by the Bank of Communications would be the biggest so far by a local lender to any foreign investor.

(CRI.com June 29, 2004)