HSBC Holdings is considering to sell its 98.94% stake in Bank Ekonomi Raharja (BAEK)

BAEK: HSBC Holdings is considering to sell its 98.94% stake in Bank Ekonomi Raharja (BAEK) [0 -2500 (-100,0%)] as the bank is focusing on reducing costs, selling assets, and expanding in faster-growing markets as the bank struggles to boost revenue that's been crimped by the sovereign debt crisis in Europe. HSBC's management has announced plans to sell or close 52 businesses by the end of the second quarter. In 2008, HSBC acquired 88.95% stake in Bank Ekonomi at Rp2,452 per share, the equivalent of US$607.5mn at the time. Its current stake of 98.94% worth Rp6.6tn (US$669mn) based on Bank Ekonomi's latest closing price of Rp2,500, according to calculations based on data compiled by Bloomberg. (Jakarta Globe)