HSBC pledges billions in Hong Kong, no job cuts in Hang Seng privatization, Paul says

HSBC Holdings (0005) has pledged to invest billions of U.S. dollars in Hong Kong over the next few years and will not cut jobs during its planned privatization of Hang Seng Bank (0011), Financial Secretary Paul Chan Mo-po said.

Chan told Bloomberg that HSBC promised to invest several billion US dollars "not just in our market, but in our region," in terms of customer service, technology and private wealth asset management.

When asked whether Hang Seng Bank could be sold after the privatization is completed, Chan said that would be “a matter for the bank,” adding that no such plan had been presented to the government.

STAFF REPORTER