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flag HSBC's $13.6B bid to take Hang Seng private gains approval, pending shareholder and regulatory go-ahead.

flag HSBC has gained approval from Hang Seng Bank’s independent board committee for its $13.6 billion proposal to take the bank private, aiming to consolidate full ownership and streamline operations in Asia. flag The deal, offering HK$155 per share—a 30% premium—requires final shareholder and regulatory approval, with votes set for January 8, 2025. flag HSBC’s CEO emphasized the move strengthens strategic alignment, not financial distress, and includes a commitment not to raise the offer or conduct buybacks for 90 days. flag Hang Seng, founded in 1933 and majority-owned by HSBC since 1965, serves about four million customers. flag The transaction reflects broader consolidation trends in Hong Kong’s banking sector amid ongoing property market challenges.

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