Cineplex, a Canadian movie theatre operator, said it would sue Cineworld Cinemas, seeking damages after the British company “wrongfully” scrapped its $2.1bn buyout deal last month, Reuters reported.
The Cineplex claim seeks damages, including about $2.1bn that Cineworld would have paid upon the closing of the deal, and the failure of Cineworld to repay the company’s about $664m in debt and transaction expenses.
“The contractual agreements between the parties expressly exclude outbreaks of illness, such as the Covid-19 pandemic, as a circumstance entitling Cineworld to terminate the arrangement,” Cineplex.
First Horizon National, which provides financial services through First Horizon Bank, First Horizon Advisors, and FHN Financial businesses, completed the merger with IBERIABANK, an American financial holding company, in a $3.9bn deal.
"The completion of this merger marks a significant milestone for our clients, associates, shareholders and communities. The combined company's enhanced scale, diversified business model and expertise in financial services uniquely position us to better serve our clients and communities, accelerate our growth and create long-term shareholder value," Bryan Jordan, First Horizon President and CEO.
IBERIABANK was advised by Evercore, Goldman Sachs, Keefe Bruyette & Woods, Stifel and Simpson Thacher & Bartlett. First Horizon was advised by Morgan Stanley, Davis Polk & Wardwell, Sullivan & Cromwell and Joele Frank.
A union representing workers at Embraer filed a lawsuit on Friday, seeking to dismiss the company’s board after a $4.2bn deal with Boeing collapsed amid the pandemic, claims the Brazilian planemaker said were an act of “bad faith”, Reuters reported.
The metalworkers union in Sao Jose dos Campos is asking a judge to dismiss Embraer's board. The lawsuit accuses the board of having allowed Boeing to conduct what amounted to “espionage,” by having its US engineers work within Embraer's research and development unit during the time when the deal seemed like it would in fact materialize.
Embraer is now dealing with the coronavirus pandemic that has battered demand for travel, received government support in the form of a $600m loan and has said it is negotiating a buyout program.
Alexion Pharmaceuticals, an American pharmaceutical company, completed the acquisition of Portola Pharmaceuticals, an American clinical-stage biotechnology company that researches, develops and commercializes drugs, for $1.6bn.
"This acquisition provides the opportunity to grow our commercial portfolio, which builds on the significant progress we've made diversifying our pipeline over the last few years. We are excited to add a transformative, first-in-class medicine like Andexxa, which rapidly reverses life-threatening bleeds that result from Factor Xa inhibitors to our growing critical care portfolio. This important medicine is also a clear strategic fit with our existing expertise in hematology and neurology, and we are confident we can apply our demonstrated global commercial excellence to enhance access and broaden the number of patients helped by Andexxa," Ludwig Hantson, Alexion CEO.
Portola was advised by Centerview Partners and Cooley. Centerview Partners is advised by Skadden Arps Slate Meagher & Flom. Alexion was advised by RBC Capital Markets and Paul Weiss Rifkind Wharton & Garrison.
Graf industrial, a blank-check company, agreed to merge with Velodyne Lidar, a maker of sensors for self-driving vehicles, in a $1.8bn deal. The transaction will be supported by a $150m committed PIPE and is expected to leave Velodyne with approximately $200m of cash on its balance sheet.
"We are tremendously excited by the opportunity to partner with David Hall and Velodyne. The leadership team, led by Dr. Anand Gopalan and Drew Hamer, has done an outstanding job in preparing the company for the inflection point of lidar and becoming a public company. We're especially excited by Velodyne's potential to greatly improve vehicle safety by augmenting ADAS systems and help leading e-commerce companies and others realize autonomous last-mile delivery," James Graf, Graf CEO.
Velodyne is advised by Bank of America Merrill Lynch and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian. Graf Industrial is advised by EarlyBirdCapital, Oppenheimer & Co, and White & Case.
Madison Dearborn Partners-backed Ankura, a global business advisory and expert services firm, agreed to acquire Water Street Partners, an advisory firm on joint venture transactions and governance. Financial terms were not disclosed.
"We welcome the entire Water Street team to Ankura with open arms. This combination is a significant development that will benefit our firm, our professionals and our clients worldwide. We will continue to execute our growth strategy delivering customized services to our clients during these extraordinary times and into the future," Philip Daddona, Ankura President.
Water Street is advised by Equiteq and Cooley. Ankura is advised by Davis Polk & Wardwell.
Private equity firms EW Healthcare Partners and Hayfin Capital completed a $100m investment in MiMedx, a biomedical company.
"This transaction marks the culmination of an extensive review of potential financing alternatives by the board, in consultation with the company's advisors, which included a leading investment bank with in-depth, industry-specific expertise. A new leadership team, new board members, and now the opportunity to welcome these accomplished and well-regarded leaders to our Board of Directors, each demonstrate great progress toward transforming and positioning the company for the future," M. Kathleen Behrens, MiMedx Chair of the Board of Directors.
MiMedx was advised by JP Morgan and Sidley Austin.
Clearlake Capital-backed Unifrax, a provider of high-performance specialty materials, completed the acquisition of Rex Materials Group, a manufacturer of engineered thermal components. Financial terms were not disclosed.
"This acquisition represents another step in the continued implementation of our long-term growth strategy and our focus on delivering energy-efficient, environmentally friendly solutions around the world. The addition of Rex Materials expands our portfolio of high temperature engineered thermal components, enhances our overall manufacturing capabilities and supports our mission of creating a 'Greener, Cleaner and Safer' world. We are excited to add the Rex Materials team to our global Unifrax family and look forward to working together as we execute our compelling shared growth plan," John Dandolph, Unifrax President and CEO.
Neighborly, a franchisor of home service brands, agreed to acquire HouseMaster, a professional home inspection franchise. Financial terms were not disclosed.
"Our vision is to 'Own the Home' and provide the very best services to homeowners, and this now includes HouseMaster's premier home inspection network with a stellar reputation that more customers can call upon. HouseMaster is a perfect complement to our existing Neighborly brands and presents a tremendous opportunity to grow more franchise locations," Mike Bidwell, Neighborly President and CEO.
Neighborly is advised by Deloitte.
Cosan plans to simplify its shareholding structure.
Cosan, a Brazilian agribusiness conglomerate, and its logistics subsidiary Cosan Logistica approved studies for a proposed shareholding reorganization, Reuters reported.
"Such restructuring aims to simplify the Cosan Group's structure, unifying and consolidating the various free floats of the companies, increasing the liquidity, as well as unlocking value," Cosan Group.
Cosan also mentioned plans to prepare its main subsidiaries and jointly controlled ventures for potential IPOs.
PG&E emerges from Chapter 11 bankruptcy.
PG&E, a provider of natural gas and electric services, emerged from bankruptcy, marking an end to a long-drawn restructuring process which began after its equipment sparked some of the deadliest wildfires in California, Reuters reported.
The completion of bankruptcy proceedings sets up the embattled company to tap a state-backed fund that would help power utilities cushion hits from wildfires.
EQT considers divesting Synagro. (FS)
EQT Partners is considering a divestment of Synagro Technologies, a waste management company, after fielding inbound interest.
The potential sale of the company could bring $500m or more. A deal isn't guaranteed, and it's possible EQT could retain ownership of the company.
Jamf files for an IPO.
Jamf, an Apple Enterprise Management company, filed to go public. Jamf's cloud software platform lets organizations connect and manage Apple devices.
"We are the only vertically-focused Apple infrastructure and security platform of scale in the world, and we have built our company through a singular focus on being the primary solution for Apple in the enterprise. We have a collaborative relationship with Apple which, combined with our accumulated technical experience and expertise, enables us to fully support new Apple innovations and OS releases the moment they are made available by Apple," Jamf.
Goldman Sachs, JP Morgan, Barclays and Bank of America Merrill Lynch are among the underwriters for the IPO.
Fiat Chrysler Automobiles said the terms of its merger with PSA Group had not changed after a newspaper reported that it was looking to spin off assets to reduce a planned $6.2bn cash pay-out to its shareholders, Reuters reported.
Italian business newspaper Il Sole 24 Ore said that FCA could conserve cash by reducing the special dividend, possibly by handing shareholders assets as compensation. Il Sole stated that the talks were at a very early stage and no decision had been taken.
Fiat Chrysler is advised by Bank of America Merrill Lynch, Barclays, Citigroup, Goldman Sachs, JP Morgan, UBS, d'Angelin & Co, Darrois Villey Maillot Brochier, De Brauw Blackstone Westbroek, Legance, Loyens & Loeff, Sullivan & Cromwell, Community Group, Image Sept and Sard Verbinnen & Co. Financial advisers are advised by Cleary Gottlieb Steen & Hamilton and Macfarlanes. PSA is advised by Mediobanca, Messier Maris & Associes, Morgan Stanley, Perella Weinberg Partners, Bredin Prat, Cabinet Bompoint, Linklaters and Stibbe. Peugeot family is advised by Zaoui & Co. Exor is advised by Lazard. BPIFrance is advised by Willkie Farr & Gallagher.
The coronavirus pandemic has boosted Qiagen’s prospects and a takeover by Thermo Fisher no longer makes sense unless the offer is increased substantially, said one of the German genetic test maker’s top ten shareholders, according to a Reuters report.
“The world has changed massively since the offer was published on March 3. The standalone outlook is much better than the current offer. Qiagen was worth over 20% more than Thermo Fisher’s offer of $43 per share. Qiagen had prematurely committed itself to negotiations with Thermo Fisher and had not followed up on enquiries from four other interested parties," Qiagen shareholder.
QIAGEN is advised by Barclays, Goldman Sachs, Moelis & Co, Lazard, De Brauw Blackstone Westbroek, Linklaters and Mintz Levin. Barclays and Goldman Sachs are advised by Sullivan & Cromwell. Thermo Fisher Scientific is advised by JP Morgan, Morgan Stanley, Hengeler Mueller, NautaDutilh, Wachtell Lipton Rosen & Katz, Freshfields Bruckhaus Deringer, Joele Frank and Brunswick Group. JP Morgan and Morgan Stanley are providing debt financing, and are advised by Simpson Thacher & Bartlett and Gleiss Lutz.
Hitachi, a Japanese multinational conglomerate company, completed the acquisition an 80.1% stake in the power grids business of ABB, a Swiss-Swedish multinational automation corporation, for $9.1bn.
"Since announcing our intention to divest Power Grids to Hitachi, ABB has made significant progress in becoming a more customer-focused and simplified organization. We believe Hitachi is the best owner for Power Grids and its next stage of development, building on the solid foundation achieved under ABB's previous ownership. ABB remains committed to using net cash proceeds from the transaction for a share buyback program. Our goal is to execute this in an efficient and responsible way, taking account of the prevailing circumstances," Peter Voser, ABB Chairman.
ABB was advised by Credit Suisse, Dyal Co., Morgan Stanley, Cirio, Cyril Amarchand Mangaldas, Freshfields Bruckhaus Deringer, Homburger, Mannheimer Swartling, Pinheiro Neto, Skadden Arps Slate Meagher & Flom, Fogel & Partners and Hirzel Neef Schmid Konsulenten. Hitachi was advised by Goldman Sachs, UBS, AZB & Partners, Anderson Mori & Tomotsune, Baker McKenzie, L&L Partners and Matheson.
The board of UBI Banca, an Italian banking group, rejected the $5.3bn acquisition offer by Intesa Sanpaolo. The offer was rejected because it was too low and the terms would be detrimental to the lender’s shareholders and staff. Intesa’s acquisition would dilute UBI’s shareholders to below 10% of the combined group, leaving them “unable to take part in the value creation and the synergies envisaged by Intesa.”
“By not including a cash component, the offer leaves UBI shareholders exposed to the risks that the transaction’s strategic goals may not be reached,” UBI.
UBI is advised by Goldman Sachs, BonelliErede, and Linklaters. Intesa Sanpaolo is advised by Equita SIM, JP Morgan, Mediobanca, Morgan Stanley, UBS, Gatti Pavesi Bianchi and Pedersoli Studio Legale.
The UK competition watchdog is to ask Brussels for full control over the review of the proposed $38bn merger between Virgin Media and telecoms operator O2. This kicks off what is expected to be a fierce battle over which authority gets the ultimate say on the transaction.
“This important merger will only impact consumers in the UK and since any review will likely conclude after the transition period, it is only right for the CMA to request it back now,” CMA.
Telefonica is advised by Deloitte, Citigroup, Clifford Chance and Herbert Smith Freehills. Liberty Global is advised by JP Morgan, LionTree Advisors, Allen & Overy, Ropes & Gray, Shearman & Sterling, and Corporate Communications.
Her Majesty's Government and Bharti Global, a mobile operator, agreed to acquire OneWeb, a broadband mega constellation startup for $1bn.
"The combination of HMG and Bharti will bring immediate value as we develop as a global leader in low latency connectivity. This successful outcome for OneWeb underscores the confidence in our business, technology, and the work of our entire team. With differentiated and flexible technology, unique spectrum assets and a compelling market opportunity ahead of us, we are eager to conclude the process and get back to launching our satellites as soon as possible,” Adrian Steckel, OneWeb CEO.
OneWeb is advised by Guggenheim Partners, Milbank, and FTI Consulting. Bharti Global is advised by Standard Chartered Bank, Cravath Swaine & Moore, and Herbert Smith Freehills. HMG is advised by Lazard and Weil Gotshal and Manges.
Private equity firm Arsenal Capital Management offered to acquire Cello Health, a healthcare and consumer strategic marketing group, for 221m.
"The Cello directors are confident that, as part of the Value Demonstration platform with Arsenal’s backing, Cello will be optimally positioned to accelerate its current strategy and capitalise on a broader range of opportunities. This transaction will ensure the continued success of the business for its employees and clients," Mark Scott, Cello CEO.
Arsenal Capital is advised by Rothschild & Co, Ropes & Gray, and FTI Consulting. Rothschild & Co is advised by Ashurst. Cello Health is advised by Cenkos Securities, Greenhill & Co, Marriott Harrison and Buchanan.
Zynga, a provider of interactive entertainment, completed the acquisition of Peak, a mobile gaming company, for $1.8bn.
“We are very happy to finalize this monumental partnership that will affect not only Zynga and Peak, but the whole mobile gaming industry. At the heart of this partnership lies a common vision - to bring people together through games. Peak’s culture is rooted in relentless learning and progress, so as we embark on this new chapter in our journey together with Zynga, we remain as committed as ever to our unique culture. We’re very excited for our combined future and what we will accomplish together,” Sidar Sahin, Peak Founder and CEO.
Zynga was advised by GKC Partners and White & Case. Draper Esprit was advised by Numis Securities, Goodbody, and Powerscourt.
Enersense International, a company specializing in implementing zero-emission energy solutions, completed the acquisition of Empower, an energy market services company. Financial terms were not disclosed.
“Enersense is a company of significant growth. We have succeeded in achieving a strong position in Finnish industry and have also expanded our operations internationally. Our goal is to expand our operations to the Baltic countries, and now with the acquisition, our geographical footprint will be increasingly visible in the Baltics as well. The cornerstone of our growth is to grow through acquisitions, and we have succeeded in implementing our strategy very well,” Jussi Holopainen, Enersense CEO.
JTC, an investment management services company, completed the acquisition of Jersey Private Client business of Sanne, a global provider of alternative asset and corporate business services. Financial terms were not disclosed.
"We are delighted to welcome Sanne’s private client team and clients to JTC. We have built a strong reputation for client service excellence, innovation and consistent growth. Our Jersey platform continues to deliver strong commercial performance, and we look forward to using our extensive acquisition experience to ensure a positive and seamless transition for both clients and new colleagues," Nigel Le Quesne, JTC CEO.
Sanne Group was advised by Tulchan Communications.
Finnish pension agency Keva, infrastructure investor Infranode, and energy company Vantaa Energy, agreed to acquire the Jarvenpaa-Tuusula district heating business of Fortum, a utility service provider, for $421m.
“With this important investment we continue in our effort to be a preferred infrastructure investment partner to Finnish municipalities. We are very happy for doing this investment in partnership with Vantaa Energy as co-owner and operating partner offering attractive synergies,” Carl-Emil Lindholm, Infranode Director.
The Government of Portugal agreed to acquire a 22.5% stake in TAP Air, the flag carrier airline of Portugal, from minority shareholder David Neeleman for $62m.
"The state will now play a key role in TAP," João Leão, Portugal Finance Minister.
Daimler seeks to sell French factory.
Daimler, a German luxury carmaker, seeks to divest its factory in Hambach, France, as part of an overhaul of its production system, the German carmaker stated, prompting France's finance minister to urge the company to reconsider, Reuters reported.
The move comes as the auto industry faces overcapacity and falling demand for new cars in Europe. It will also lead Daimler to take a restructuring charge of hundreds of millions of euros in its second quarter.
GFG still seeks M&A deals amid pandemic-led distress.
GFG Alliance, a provider of industrial, natural, and financial resources, owned by commodity trader-turned-serial dealmaker Sanjeev Gupta, is looking at opportunities to acquire more assets amid the coronavirus pandemic, Bloomberg reported.
While the company is currently preoccupied with a planned purchase of the Duffel aluminium rolling plant in Belgium, it still keeps an eye on other opportunities.
Kenya abandons plans to sell its sugar companies to keep control.
Kenya prompted to unload the accumulated debt of its sugar companies and will lease the mills as part of a plan that will see the government maintain control in the industry, Bloomberg reported.
The cabinet approved a proposal of leasing five state-owned mills to operators for about 20 years, Agriculture Secretary Peter Munya stated. The plan involves the government clearing out the factories from debt burdens that forced Miwani Sugar Company and Muhoroni Sugar Company into receivership. The entities could get debt relief of as much as $581m.
The move means President Uhuru Kenyatta's administration is dropping previous plans to divest the mills, which together control a third of the nation's sugar market. The other three are Chemelil Sugar Company, Nzoia Sugar Company and South Nyanza Sugar Company.
CVC Capital closes record-breaking $24bn buyout fund. (FS)
CVC Capital Partners completed a $24bn fundraising for its eighth flagship fund, in the private equity industry's most extensive new pool of capital so far this year, Bloomberg reported.
The buyout fund will focus on investments in Europe and the US. CVC is closing the fund at its hard cap, surpassing its original target of c. $20bn for the vehicle.
EQT looks to raise $14bn for its fifth infrastructure fund. (FS)
EQT is targeting €12.5bn ($14bn) for EQT Infrastructure V in what would be the firm's largest such vehicle to date.
EQT's team usually invests €200m ($224m) to €800m ($900m) at a time on such infrastructure deals across the globe. The company targets investments across infrastructure sub-sectors spanning energy, transportation and logistics, environmental, telecommunications and social infrastructure, such as hospitals, universities and others.
Commerzbank's CEO and Chairman quit. (FS, People)
Commerzbank, a German second-largest lender, stated that its CEO and Chairman submitted their resignations, as the bank faces pressure from shareholder Cerberus Capital Management for a profound overhaul due to persistent poor performance, FN reported.
"Even if we made strategic progress, the financial performance of the bank has been and is unsatisfactory. And as CEO, I bear the responsibility for that," Martin Zielke, Commerzbank CEO.
Zielke's offer of his resignation will be submitted for approval by the board on July 8. The resignation of Chairman Stefan Schmittmann will be effective August 3. In a statement, Schmittmann said he shared responsibility for Commerzbank's failure to convince markets that its overhaul, which included job cuts, was enough.
Wells Fargo hires Jamie Niven to lead the newly launched European equity unit. (People)
Wells Fargo, a US-based multinational financial services company, is launching a new European equities unit despite recent struggles and low margins in the region, FN reported.
Wells Fargo decided to hire Jamie Niven, a former Credit Suisse managing director, who has been managing the equities business at Cowen in London for the past year. He will become head of equities for Europe, the Middle East and Africa.
Intel's investment arm Intel Capital agreed to invest $254m for a 0.39% stake in Reliance Industries' digital unit Jio Platforms at the enterprise value of $65bn.
“Jio Platforms’ focus on applying its impressive engineering capabilities to bring the power of low-cost digital services to India aligns with Intel’s purpose of delivering breakthrough technology that enriches lives. We believe digital access and data can transform business and society for the better. Through this investment, we are excited to help fuel digital transformation in India, where Intel maintains an important presence,” Wendell Brooks, Intel Capital President.
Reliance is advised by Morgan Stanley, AZB & Partners and Davis Polk & Wardwell. PIF is advised by Citigroup and Latham & Watkins. L Catterton is advised by Kirkland & Ellis. TPG Capital is advised by Shardul Amarchand Mangaldas & Co. Mubadala is advised by Skadden Arps Slate Meagher & Flom. Silver Lake is advised by Latham & Watkins, Shardul Amarchand Mangaldas & Co, and Simpson Thacher & Bartlett. KKR is advised by Deloitte, Shardul Amarchand Mangaldas & Co, and Simpson Thacher & Bartlett. General Atlantic is advised by Paul Weiss Rifkind Wharton & Garrison and Shardul Amarchand Mangaldas & Co. Vista Equity is advised by Kirkland & Ellis and Shardul Amarchand Mangaldas & Co.
KKR & Co agreed to acquire a majority stake in JB Chemicals & Pharmaceuticals, an Indian pharmaceutical company specializing in branded formulations, for $500m. The transaction is subject to regulatory and other customary approvals.
"For more than four decades, JB Chemicals' mission has been to deliver affordable, high-quality pharmaceutical products that improve the lives of individuals living in India and around the world. We are thrilled that KKR – with its deep knowledge of the pharmaceutical industry and experience in investing in the sector, as well as its extensive investments in India – will take our mission forward and build on the foundation of core values that our family has instilled in this company. This will also create growth opportunities for our people to progress," J.B. Mody, Founder, Chairman and Managing Director of JB Chemicals.
JB Chemicals is advised by Avendus and Platinum Partners. KKR is advised by Ernst & Young, Moelis & Co, Shardul Amarchand Mangaldas & Co, Simpson Thacher & Bartlett and Adfactors PR.
SAIC Motor, a Chinese state-owned automotive design and manufacturing company, agreed to acquire a 28.92% stake in CAR, an auto rental service provider, for $245m.
SAIC Motor said it strives to grasp the industrial development trend to speed up the innovative transition from being a traditional manufacturer to being a comprehensive supplier of mobility services and products. As a domestic car rental service provider, CAR boasts mature operation and management experience in a relevant area. Completing the acquisition would help SAIC Motor accelerate its development of mobility service business.
Google and Temasek in talks to invest in Tokopedia. (FS)
Google and Temasek are in discussions to join a funding round of between $500m and $1bn for Tokopedia, an Indonesian e-commerce giant, Bloomberg reported.
SoftBank Group's Vision Fund-backed Tokopedia held talks with US internet giants including Facebook, Microsoft and Amazon. But Google and Temasek have been more active in their negotiations, and those talks may conclude in the coming weeks.
Pine Labs considers bid for a part of Wirecard's Asia business. (FS)
Sequoia Capital and Mastercard-backed Pine Labs, an Indian payments company, is weighing a bid for an insolvent German payment processor Wirecard's businesses in Southeast Asia and India, Bloomberg reported.
A potential bid is still at an exploratory stage, as there's no information available yet on the valuation and finances of Wirecard's Asian operations. There's no certainty that Pine Labs will proceed with a formal bid.
Daimler to take 3% Farasis stake as part of battery cell pact.
Daimler, a German luxury carmaker, will deepen a strategic partnership with Farasis Energy, a Chinese battery cell manufacturer, a pact which includes taking an equity stake of around 3%, Reuters reported.
The alliance aims to develop highly advanced cell technologies to increase vehicle range and cut charging times. Farasis will build a plant for battery cells in Bitterfeld-Wolfen and Daimler Greater China will invest a multi-million euro amount as part of Farasis' IPO.
Wahaha considers a potential $1bn IPO.
Hangzhou Wahaha Group, a Chinese beverage company, is weighing an IPO that could raise more than $1bn, Bloomberg reported.
A listing could come as soon as next year. The beverage company is working with an adviser on preparations for the share sale, and has been considering Hong Kong among potential listing venues though no final decision has been made.
Royole considers China IPO as US plans stall.
Royole, a Chinese flexible display maker, is weighing an IPO in China while its planned US listing is put on hold.
Earlier this year, Royole had filed confidentially for a US IPO that could raise about $1bn. However, the startup is now considering a listing in China. Considerations are at an early stage, and no final decisions have been made.
Sharp says sticking to plans to list Dynabook PC unit in FY2021.
Sharp, a designer and manufacturer of electronic products, stated that it is sticking to an original plan to list Dynabook, its laptop making unit, in the business year from next April, denying a media report that it may take the unit public this year, Reuters reported.
Sharp hopes to start preparations this year for the laptop unit's IPO, and there are no changes to the original plan to list the unit in the next financial year.
HSBC launches new fintech venture in China after Hong Kong fallout.
HSBC is setting up new services in mainland China just weeks after backing a controversial new security law in Hong Kong, which was used to crackdown the protestors, FN reported.
HSBC Life China, a life insurance joint venture, offers a new mobile financial planning and insurance service to clients in Guangzhou and Shanghai. A new fintech company has been set up in mainland China to provide support to the bank, starting with the new mobile financial planning business.
"The investments mark HSBC's continued efforts to capture high growth opportunities in Asia, particularly in mainland China, the region's biggest wealth pool and one of the world's largest insurance markets," Greg Hingston, HSBC Regional Head of Wealth and Personal Banking.
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