Shareholders in bank juggle

Business | Samantha Wong 22 Nov 2018

Hang Seng Bank (0011) said yesterday HSBC Asia has acquired an indirect interest in 62 percent of the shares of Hang Seng, becoming an intermediate holding company of Hang Seng.

HSBC Finance (Netherlands), HSBC Holdings, HSBC Asia Holdings and HSBC Asia Holdings (UK) have ceased to be controlling shareholders of Hang Seng.

The bank said the restructuring could have resulted in a mandatory general offer for the shares under the takeovers code unless otherwise waived by the executive.

The main purpose of HSBC Asia acquiring control of the Hongkong and Shanghai Banking Corporation Group is to meet certain regulatory requirements specified by the Hong Kong Monetary Authority and other regulators to implement the preferred resolution strategy of the group. The bank said this is an internal legal entity restructuring and will not impact the business and management of the company.

The controlling interest in Hongkong and Shanghai Banking Corporation and the current controlling interest in the Hang Seng Bank are maintained before and after the restructuring.

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