The decision to retain Hang Seng as Hongkongers know it ensures the 92-year-old bank does not get swept into the dustbin of history
HSBC group CEO Georges Elhedery pointed out that Hang Seng Bank is “financially very strong”, with sufficient capital to withstand “short-term cyclical credit conditions”. He sees the property market stabilising and thinks the bank can ride out the current slump. Hang Seng will retain its brand, its branch network, its Hong Kong banking licence and its “proposition” to customers, which includes small to medium-sized firms and residents. This is a sensible move, given that many Hongkongers treasure the brand.
Financial Secretary Paul Chan Mo-po cited HSBC’s commitment to continue or even double down on its confidence in the city. “The HSBC Group has conveyed to us its commitment to further invest in Hong Kong and the region, and that the current initiative is aimed at streamlining its organisational structure and resources to enhance its operational efficiency and performance,” Chan told the Post.
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