Asian-focused bank Standard Chartered Plc is in talks to buy a stake in Bank of Communications, China's fifth-biggest lender, the Financial Times reported on its website.

London-based Standard Chartered is also talking to other Chinese banks about buying stakes to gain a foothold in mainland Chinese banking, the paper said, citing Chinese officials.

Standard Chartered said on Thursday it would incorporate its Hong Kong business under a local subsidiary to pave the way for expansion in China, where the bank has done business since 1858.

A Standard Chartered spokesman was not immediately available for comment.

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