The privatisation will lead to synergies, save costs and improve efficiency in terms of personnel and systems, Everbright’s Kenny Ng says.

HSBC offers to buy subsidiary Hang Seng Bank’s shares for HK$155 each, according to an exchange filing on Thursday.

HSBC said it has asked the board of Hang Seng Bank to put forward a privatization proposal to shareholders via a scheme of arrangement under Hong Kong’s Companies Ordinance.

HSBC wagt den nächsten großen Schritt in Asien: Der britische Finanzriese plant, die Hang Seng Bank vollständig zu übernehmen. Ein riskanter Deal – mitten in Hongkongs Bankenkrise.

Deal will mean Hang Seng Bank’s shares are taken off local stock exchange as HSBC doubles down on Asian business

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.

The privatisation will lead to synergies, save costs and improve efficiency in terms of personnel and systems, Everbright’s Kenny Ng says.