HSBC buying into major Chinese state bank for US$1.7b

BEIJING (AP) - British bank HSBC is buying a 19.9 percent stake in one of China's biggest state banks for US$1.7 billion, dramatically expanding the foreign presence in the top ranks of Chinese finance, state television reported Friday. 

HSBC was to sign an agreement Friday to buy into Shanghai-based Bank of Communications, one of China's main state-owned commercial banks, China Central Television reported on its midday national news.