HSBC wants to list its shares in Shanghai

 Largest European bank HSBC Holdings plans to have its shares listed in Shanghai starting next year thus becoming one of the first overseas companies to do so.

"I don't see it being a 2009 event, hopefully in 2010. It has a very symbolic element for HSBC. We were established in 1865 in Hong Kong and Shanghai... we would welcome participating in the Chinese market," said the bank’s CEO Michael Geoghegan.

According to some sources with the knowledge of the case HSBC might raise as much as $3-$7 billion as part of a Shanghai listing.

"We will see a lot of trade between China and the region so it is logical for HSBC to participate there and be a part of it. Equally China is doing a lot of business in Latin America and there is a very close link particularly between Brazil and China," said Geoghegan.

"In Africa, where we have also announced we will increase our presence both by organic growth and possibly by minority share holdings or acquisition, we believe that is another link to China."