HSBC 2001 Annual Report Download - page 204

HSBC HOLDINGS PLC
Notes on the Financial Statements (continued)
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vi. On 7 August 2001, HSBC Asset Management (Europe) Limited, a wholly owned subsidiary of HSBC,
acquired 97 per cent of China Securities Investment Trust Corporation for a cash consideration of US$187
million. Goodwill of US$163 million arose on this acquisition.
vii. On 2 October 2001, HSBC Republic Bank (UK) Limited, a wholly owned subsidiary of HSBC, acquired
100 per cent of Property Vision for a cash consideration of US$30 million. Goodwill of US$27 million
arose on this acquisition.
viii. On 30 October 2001, HSBC Bank plc acquired 100 per cent of the issued share capital of Demirbank TAS
for a cash consideration of US$353 million. Goodwill of US$98 million arose on this acquisition.
ix. On 6 November 2001, HSBC Bank Australia Limited, a wholly owned subsidiary of HSBC, acquired 100
per cent of NRMA Building Society Limited for a cash consideration of US$80 million. Goodwill of
US$44 million arose on this acquisition.
x. HSBC undertook certain other minor acquisitions in the year, which involved assets acquired of less than
US$3 million in aggregate, on which goodwill of US$3 million arose, which are excluded from the table
below.
xi. Increases in stake in a number of existing subsidiaries are excluded from the table below. On 31 March
2001, CCF increased its stake in Banque du Louvre from 83.3 per cent to 88.86 per cent for a cash
consideration of US$6 million, on which goodwill of US$4 million arose. On 18 May 2001 and 8 June
2001, CCF increased its stake in Primecorp from 50.3 per cent to 100 per cent for cash consideration of
US$12 million, on which goodwill of US$5 million arose. On 30 September 2001 and 4 December 2001,
CCF increased its stake in Sinopia Asset Management from 60.4 per cent to 99.88 per cent for a cash
consideration of US$58 million, on which goodwill of US$44 million arose. On 13 December 2001, HSBC
Holdings BV increased its stake in HSBC Bank Egypt from 90.56 per cent to 94.53 per cent for a cash
consideration of US$9 million, on which goodwill of US$7 million arose. On 21 December 2001, CCF
increased its stake in Financiere Groupe Dewaay S.A. from 74.9 per cent to 100 per cent for cash
consideration of US$61 million. Goodwill of US$54 million arose on this acquisition.