BoCom: Eyeing M&A, New Branches In Overseas Expansion

26th Jun 2010 10:42

SHANGHAI (Dow Jones)--Bank of Communications Co. (601328.SH, 3328.HK), 19%-owned by HSBC Holdings PLC (HBC), will expand its overseas operations by looking for opportunities to buy other financial institutions as well as setting up new branches, bank President Niu Ximing said Saturday. "We shouldn't just set up branches overseas but also explore mergers and acquisition," he said in a financial forum. "The two approaches need to be combined." Bank of Communications has more than 2,700 branches and outlets across 137 of the wealthiest cities in mainland China. It has been expanding its operations to include asset management, trust and financial leasing. -By Dinny McMahon, Wall Street Journal; (86-10) 8400-7732; [email protected] (END) Dow Jones Newswires June 26, 2010 05:42 ET (09:42 GMT)