HSBC Holdings Plc. raised its stake in its Chinese securities venture to 90%, giving Europe’s largest bank a firmer foothold as it pushed to expand in the world’s second largest economy.

Betting on rising incomes in the Guangdong-Hong Kong-Macao Greater Bay Area and other parts of China, the London-based bank raised its ownership in HSBC Qianhai Securities from 51% by partially buying out its partner, Qianhai Financial Holdings Co., which will retain a 10% stake, according to a statement. The transaction amount wasn’t disclosed.

Along with other major banks, HSBC is pushing into China in the hunt for billions of potential profits in everything from brokering deals to wealth management and insurance as the nation opens its financial markets.

HSBC last year won regulatory approval to take full control of its life insurance venture in China.

“China has one of the most significant capital markets in the world, supporting economic growth and investment opportunities,” said David Liao, a co-chief executive of HSBC Asia-Pacific.

“Our increasing stake in HSBC Qianhai Securities reflects our commitment to developing China’s rapidly growing capital markets, and bolsters our presence in a key market.”

HSBC Qianhai Securities, which has investment banking and securities businesses, has its headquarters in Shenzhen’s Qianhai, with offices in Beijing and Shanghai.

HSBC announced last year it would invest US$6 billion over a five-year period in Asia, including a substantial investment in its wealth management operations in the region, as it looks to expand in China and other regions of Asia to tap into the growing wealth of the region’s middle-class. (SD-Agencies)