HSBC 2009 Annual Report Download - page 434

HSBC HOLDINGS PLC
Notes on the Financial Statements (continued)
Note 21
432
21 Interests in associates and joint ventures
Associates
Principal associates of HSBC
At 31 December 2009 At 31 December 2008
Carrying
amount
Fair
value
Carrying
amount
Fair
value
US$m US$m US$m US$m
Listed
Bank of Communications Co., Limited .................................... 5,110 10,820 4,612 6,717
Industrial Bank Co., Limited .................................................... 1,084 3,774 913 1,368
Ping An Insurance (Group) Company of China, Limited ........ 4,391 10,803 3,727 5,965
SABB Takaful Company .......................................................... 29 99 4 29
The Saudi British Bank ............................................................ 1,376 3,472 1,214 3,453
11,990 28,968 10,470 17,532
At 31 December 2009
Country of
incorporation
HSBC’s
interest in
equity capital
Issued
equity
capital
Listed
Bank of Communications Co., Limited ........................................................... PRC1 19.01% RMB48,994m
Industrial Bank Co., Limited2 .......................................................................... 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% SR340m
The Saudi British Bank ................................................................................... Saudi Arabia 40.00% SR7,500m
Unlisted
Barrowgate Limited2,3 ...................................................................................... Hong Kong 24.64% –
British Arab Commercial Public Limited Company ....................................... England 48.92% US$77m fully paid
£30m fully paid
£5m nil paid
Vietnam Technological and Commercial Joint Stock Bank ............................ Vietnam 19.91% VND5,400,417m
Yantai City Commercial Bank2 ........................................................................ PRC 20.00% RMB2,000m
Wells Fargo HSBC Trade Bank, N.A.4 ........................................................... United States 20.00% –
1 People’s Republic of China.
2 Investment held through Hang Seng Bank Limited, a 62.14 per cent owned subsidiary of HSBC.
3 Issued equity capital is less than HK$1 million.
4 Issued equity capital is less than US$1 million. HSBC disposed of its equity interest on 12 February 2010.
All the above investments in associates are owned by subsidiaries of HSBC Holdings.
Details of all HSBC associates and joint ventures, as required under S.409 Companies Act 2006, will be annexed to
the next Annual Return of HSBC Holdings filed with the UK Registrar of Companies.
HSBC had US$9,501 million (2008: US$8,339 million) of investments in associates and joint ventures listed in Hong
Kong.
For the year ended 31 December 2009, HSBC’s share of associates and joint ventures’ tax on profit was
US$491 million (2008: US$515 million), which is included within share of profit in associates and joint ventures
in the income statement.
Summarised aggregate financial information on associates
2009 2008
US$m US$m
HSBC’s share of:
– assets ................................................................................................................................................. 157,366 123,283
– liabilities ........................................................................................................................................... 147,501 114,578
– revenues ............................................................................................................................................ 7,514 5,939
– profit after tax ................................................................................................................................... 1,722 1,600