Hang Seng Bank

HSBC Asia Pacific has completed the privatization of Hang Seng Bank; the Scheme of Arrangement was court-approved on 23 January and took effect on 26 January. Hang Seng Bank’s listing will be suspended on 27 January, and payment of the consideration to registered shareholders will be made within seven business days, expected by 4 February. The transaction was supported by several financial institutions; BofA Securities and Goldman Sachs advised HSBC, and Morgan Stanley advised Hang Seng Bank. » More on de.investing.com

Shareholders approved the scheme of arrangement to privatize Hang Seng Bank by HSBC Asia Pacific. At the court meeting, 85.75% of the affected shares voted in favour of the plan; the special resolution at the general meeting was passed with 97.30%. HSBC already holds about 63.43% of the shares via Wayfoong Nominees Limited. Subject to final court sanction (planned for 23 January), the transaction is to become effective on 26 January, the stock exchange listing will be withdrawn on 27 January, and payment of the consideration is expected to be completed by 4 February. » More on de.investing.com

HSBC Asia Pacific plans to privatize Hang Seng Bank through a Scheme of Arrangement that would acquire all remaining outstanding shares. As of 12 December, HSBC Asia Pacific held approximately 63.43% of the issued shares; after cancellation and re‑issuance of shares, HSBC Asia Pacific would own 100% and Hang Seng would be delisted from the Hong Kong stock exchange. BofA Securities and Goldman Sachs are advising HSBC, Morgan Stanley is advising Hang Seng, and Somerley is acting as independent financial adviser to the independent board committee. Between 11 and 12 December the HSBC subsidiary HSVM conducted share transactions in the HK$152.70–153.00 price range; implementation is subject to the satisfaction of all conditions. » More on de.investing.com