The privatization proposal is not intended to erase the differences between Hang Seng Bank (0011) and HSBC (0005), but aims to leverage their complementary strengths to better serve customers and the community, thereby creating greater value for shareholders, Peter Wong Tung-shun, the chairman of the Hongkong and Shanghai Banking Corporation, told Hong Kong Economic Journal on Thursday.
This significant investment in Hong Kong not only reflects the city to position as an international financial center, but represents a commitment and confidence in Hong Kong's role to bridge China and the world, Wong said.
HSBC pledged that it will retain Hang Seng's own brand, corporate governance, customer base, and independent bank license, he said.
He added that HSBC will increase investment in areas such as talent, continuously strengthening Hang Seng's unique advantages.
As HSBC and Hang Seng play different roles in Hong Kong, a closer partnership will enable both parties to operate with greater confidence, Wong noted.
