IN BRIEF: HSBC says purchase of rest of Hang Seng Bank approved by HK
HSBC Holdings PLC - London-based bank focused on Asia - HSBC receives a series of consents from the Hong Kong government required to complete its proposed acquisition of the remainder of subsidiary Hang Seng Bank Ltd. Back in October, HSBC offered to buy out minority shareholders in the Hong Kong-listed lender. HSBC offered HKD155, around USD19.92, per share for the 37% of Hang Seng Bank it does not already own. The offer values Hang Seng Bank at HKD290.31 billion, and HSBC's holding at HKD106.16 billion, or USD13.62 billion. Hang Seng Bank shares closed at HKD152.00 on Thursday. The consents relate to dealings in structured products, agency securities lending, market-making in Hang Seng Bank shares, management of passive index-tracking funds, and dealings as executor and discretionary trustee of a deceased's estate. HSBC separately says the scheme document for the acquisition will be issued by December 17. Read More