HSBC 2007 Annual Report Download - page 409

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21 Interests in associates and joint ventures
Principal associates of HSBC
At 31 December 2007 At 31 December 2006
Carrying
amount
Fair
value
Carrying
amount
Fair
value
US$m US$m US$m US$m
Listed
Bank of Communications Co., Limited ........................ 3,957 12,992 2,710 11,065
Financiera Independencia S.A. de C.V.2 ...................... 69 206 – –
Industrial Bank Company Limited1 .............................. 683 4,538 – –
Ping An Insurance (Group) Company of
China, Limited .......................................................... 3,790 13,232 2,037 6,825
SABB Takaful Company .............................................. 5 101 – –
The Saudi British Bank Limited ................................... 1,082 5,719 978 4,700
9,586 36,788 5,725 22,590
1 Listed on the Shanghai Stock Exchange on 5 February 2007.
2 Listed on the Mexican Stock Exchange on 31 October 2007.
At 31 December 2007
Country of
incorporation
HSBC’s
interest in
equity capital
Issued
equity
capital
Listed
Bank of Communications Co., Limited ............................................................... PRC1 19.01% RMB45,804m
Financiera Independencia S.A. de C.V. .............................................................. Mexico 18.68% MXP154m
Industrial Bank Company Limited3 ..................................................................... PRC1 12.78% RMB5,000m
Ping An Insurance (Group) Company of China, Limited ................................... PRC1 16.78%
RMB7,345m
SABB Takaful Company ..................................................................................... Saudi Arabia 32.50% SR100m
The Saudi British Bank Limited .......................................................................... Saudi Arabia 40.00% SR3,750m
Unlisted
Barrowgate Limited2,3 ........................................................................................... Hong Kong 24.64% –
British Arab Commercial Bank Limited ............................................................. England 46.51% US$81m
£32m fully paid
£5m nil paid
Vietnam Technological and Commercial Joint Stock Bank ............................... Vietnam 14.44% VND2,521,308m
VocaLink ............................................................................................................. England 13.95% £100m
Wells Fargo HSBC Trade Bank, N.A4 ................................................................. United States 20.00% –
1 People’s Republic of China.
2 Issued equity capital is less than HK$1 million.
3 Investment held through Hang Seng Bank Limited, a 62.14 per cent owned subsidiary of HSBC.
4 Issued equity capital is less than US$1 million.
All the above investments in associates are owned by subsidiaries of HSBC Holdings.
HSBC had US$7,747 million (2006: US$4,747 million) of investments in associates and joint ventures listed in Hong
Kong.
For the year ended 31 December 2007, HSBC’s share of associates and joint ventures tax on profit was
US$469 million (2006: US$279 million), which is included within share of profit in associates and joint ventures in
the income statement.