Hang Seng Bank shareholders have approved HSBC’s plan to take the bank private in a move aimed at strengthening the Asia-focused lender’s footprint in Hong Kong.
In a vote held Thursday, about 86% of shareholders backed HSBC’s proposal to acquire the 36.5% of Hang Seng shares it does not already own, in a deal valued at roughly US$13.6 billion.
The plan now awaits approval from Hong Kong’s High Court, which will hold a hearing on January 23 to decide if the take-private transaction can proceed. If cleared, Hang Seng is expected to be delisted from the Hong Kong Stock Exchange on January 27.
HSBC CEO Georges Elhedery said the strong shareholder support reflects confidence in Hang Seng’s business and the growth opportunities that full ownership under HSBC could unlock. The move aligns with HSBC’s strategy of expanding key operations while continuing selective divestments.
Founded in 1933, Hang Seng Bank is one of Hong Kong’s largest banks, serving around four million customers across more than 250 branches and digital platforms. The bank has faced challenges in recent years due to its exposure to the Hong Kong and mainland Chinese property markets, and the acquisition will make it a wholly owned subsidiary of HSBC Asia Pacific.
