Reported about 8 hours ago
HSBC Holdings Plc has proposed to privatize its Hong Kong subsidiary, Hang Seng Bank, in a deal valuing the bank at $37 billion. HSBC, which owns approximately 63% of Hang Seng, will invest around $14 billion to buy the remaining shares, opting to pause buybacks for the next three quarters to maintain its capital ratio. The move aims to provide greater shareholder value and enhance Hang Seng’s product offerings while continuing to operate under its own brand and governance.
Source: YAHOO