Hang Seng Bank shareholders approve HSBC's HK$106 billion buyout proposal

HSBC (0005) won approval to privatize Hang Seng Bank (0011) in a HK$106 billion deal, marking the expected end of the local lender's 53-year listing status in Hong Kong.

The listing of Hang Seng Bank on the Hong Kong Stock Exchange will be withdrawn with effect from 4 pm on January 27, with the last trading time being 4:10 pm, January 14.

The proposal got 85.75 percent of Hang Seng independent shareholders' approval at the court meeting, higher than the requirement of at least 75 percent. The move also gained the shareholders' support at the general meeting, with 97.3 percent of approval.

"The approval reflects strong confidence in Hang Seng Bank's franchise and in the opportunities that full ownership within the HSBC Group can unlock," HSBC chief executive Georges Elhedery said in the statement.