HSBC's plan to privatize Hang Seng Bank approved by court

HSBC‘s (0005) HK$106 billion deal to take Hang Seng Bank (0011) private was approved by the High Court on Friday, according to a filing. 

The scheme is expected to become binding and effective on Monday. 

The stock exchange has also approved the withdrawal of the listing of Hang Seng’s shares on Tuesday, putting an end to the local lender's 53-year listing status.