According to foreign sources, Wells Fargo is studying the sale of its non-core asset business, including a 20% stake in Shanghai Commercial Bank, which is expected to cash out nearly 1 billion US dollars (about 7.8 billion Hong Kong dollars).
The report added that Fuguo has not made a final decision and does not rule out the eventual retention of Shanghai Shangshang equity.
Wells Fargo declined to comment on the news.
According to the Shangshang website, the bank was incorporated in Hong Kong in 1950 and has more than 50 branches in Hong Kong, the mainland, the United Kingdom and the United States, providing banking services such as retail, commercial and wealth management.
The bank's net profit in the first half of last year was HK$1.45 billion, an increase of 13% year-on-year.
Shareholders' equity was HK$33.6 billion, while return on average total assets and return on average shareholders' funds were 1.3% and 8.8%, respectively.