HSBC proposes taking Hang Seng Bank private
2025-10-09 00:03:05
On October 9, HSBC Holdings (00005.HK) announced that HSBC Asia Pacific, as the offeror, has requested the board of directors of Hang Seng Bank to submit a proposal to the plan shareholders to privatize Hang Seng Bank by means of an agreement arrangement in accordance with Section 673 of the Companies Ordinance. If the plan takes effect, the plan shares will be cancelled in exchange for the plan consideration, that is, HK $155.00 in cash for each plan share held. The announcement said that HSBC respects the unique position of Hang Seng Bank and plans to continue to serve the Hong Kong market through the two brands of HSBC and Hang Seng Bank. Therefore, Hang Seng Bank will retain its independent licensed bank accreditation under the Hong Kong Banking Ordinance and maintain independent corporate governance, brand perception, unique market positioning, and branch network.
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