All posts tagged: HSBCs

Hang Seng Bank shareholders approve HSBC’s .6 billion buyout proposal

Hang Seng Bank shareholders approve HSBC’s $13.6 billion buyout proposal

HONG KONG, ‌Jan 8 : Hang Seng Bank shareholders on Thursday approved a plan by its majority owner HSBC to take the bank private, in a landmark move to further boost the Asia-focused lender’s presence in Hong Kong. HSBC, which proposed to buy the 36.5 per cent of Hang Seng shares it does not already own, ‌secured around 86 per cent support in a Hang Seng ‌Bank shareholders’ vote, according to a joint announcement. Hong Kong’s high court will decide in a hearing on January 23 whether the take-private plan can be executed, according to an HSBC statement. HSBC’s offer for the 36.5 per cent stake is worth around $13.6 billion. Hang Seng Bank is expected to ‍be withdrawn from the Hong Kong stock market on January 27, providing the hearing grants the deal a final green light. “The approval reflects strong confidence in Hang Seng Bank’s franchise and in the opportunities that full ​ownership within the HSBC Group ‌can unlock,” HSBC CEO Georges Elhedery said in the statement. The deal comes as HSBC looks …