HSBC ready for float in Shanghai, says CEO

SHANGHAI - HSBC Holdings Plc, Europe's biggest bank by market value, is ready to list its shares on the proposed international board in Shanghai, Chief Executive Officer Michael Geoghegan said on Wednesday.

He said the lender will use the proceeds from the initial public offering (IPO) for investments in China.

"It's a matter for the government to decide when to allow the international floats in Shanghai. HSBC is ready when China is ready," said Geoghegan, who moved to Hong Kong from London recently to increase the lender's focus on emerging markets. He said the bank is yet to appoint advisers for the proposed float.