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HSBC HOLDINGS: HANG SENG BANK Bad Debt Handling Not the Strategic Factor in Privatization Plan
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HSBC HOLDINGS (00005.HK) plans to privatize HANG SENG BANK (00011.HK) at a 30.3% premium. When meeting with reporters, David Liao, Co-CEO of Asia and Middle East at HSBC, said the deal represents a major investment by HSBC in the Hong Kong market, as well as its commitment and confidence in the city. The handling of Hang Seng's bad debts is not a strategic consideration in this privatization plan. After the privatization is completed, Hang Seng will retain its independently recognized banking license, as well as its independent corporate governance and brand. AAStocks Financial News |
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