HSBC belies report on China bank acquisition plans

Bank's chief said 19 percent stake in BoCom was enough as it abides by China's policies.

The banking giant would focus on investing in Chinese businesses but could only do so "at the pace of the Chinese government," Chief executive Michael Geoghegan, in a statement, said in a report in the Straits Times.

"We've got a major investment in Bank of Communications in China and we are comfortable with that," he said. "We are up to virtually as much as the government will allow us to. I think everybody needs to remember, you can only invest in China up to parameters set by the Chinese government," he added.

Geoghegan issued the statement after a report by the Sunday Telegraph cited unidentified sources as saying HSBC wanted to buy 51 percent of one of China's three biggest banks - Industrial & Commercial Bank of China, Bank of China, or China Construction Bank.

"Sure we can do more - but we'll do it at the pace of the Chinese government. We have no other plans whatsoever at the present time."

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