HSBC 2001 Annual Report Download - page 196

HSBC HOLDINGS PLC
Notes on the Financial Statements (continued)
194
(b) The principal associates of HSBC are:
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Barrowgate Limited ....... 31.12.01 Hong Kong Property
Investment
24.64% *
British Arab
Commercial Bank
Limited .......................
31.12.01 England Banking 46.51% US$81m
£32m fully
paid,
£5m nil paid
The Cyprus Popular
Bank Limited†............
31.12.01 Cyprus Banking 21.74% C£149m
Erisa .............................. 31.12.01 France Insurance 50% €65m
The Saudi British Bank 31.12.01 Saudi Arabia Banking 40% SR2,000m
Wells Fargo HSBC
Trade Bank, N.A. .......
31.12.01 United States Trade finance 20% ¶
World Finance
International Limited
30.6.01 Bermuda Shipping 50% US$58m
*issued equity capital is less than HK$1 million
†trading as Laiki Group
¶issued equity capital is less than US$1 million.
All the above interests in associates are owned by subsidiaries of HSBC Holdings.
The principal countries of operation are the same as the countries of incorporation except for World Finance
International Limited which operates worldwide, and British Arab Commercial Bank Limited which operates in
the Middle East.
(c) The associates listed above have no loan capital, except for British Arab Commercial Bank Limited which has
issued US$43.2 million of subordinated unsecured loan stock in which HSBC has a 35.64% interest;
Barrowgate Limited which has HK$845 million of loan capital in which HSBC has a 25% interest; and The
Cyprus Popular Bank Limited which has issued C£21.7 million of convertible debentures in which HSBC has a
30.1% interest. HSBC also has a 100% interest in the issued preferred stock (less than US$1 million) of Wells
Fargo HSBC Trade Bank, N.A. HSBC has a 40% economic interest in Wells Fargo HSBC Trade Bank, N.A. by
virtue of the joint agreement under which HSBC’ s equity capital and preferred stock interests are held.
23 Other participating interests
2001 2000
US$m US$m
Listed other than on a recognised UK exchange or in Hong Kong.............................
–
3
Unlisted....................................................................................................................... 120 123
120 126
Market value of listed securities ................................................................................. 18
Other participating interests in banks.......................................................................... 91 104