23rd Nov 2005 10:32
HSBC Holdings PLC23 November 2005 HSBC TO BUY OUT ASIA FUND SERVICES FROM UOB HSBC and United Overseas Bank (UOB) of Singapore have entered into an agreementwhereby HSBC will buy out UOB's stake in the two banks' 50:50 shareholderservices joint venture, Asia Fund Services Pte Ltd (AFS), for a consideration ofS$4.5 million (US$2.6 million). Upon completion, AFS will be 100 per cent held by HSBC Institutional TrustServices (BVI) Limited and renamed HSBC Securities Services (Transfer Agency)Pte Limited. The transaction is subject to regulatory and other approvals, andis expected to be completed by 30 November 2005. AFS, which offers shareholder services in Singapore, was established in February2004 as a joint venture between HSBC and UOB. Under the joint venture, the twocompanies shared the cost of developing a new share registry service andreporting system catering specifically to the needs of institutional fundservices clients in Singapore. The decision for HSBC to fully own AFS was mutually agreed between HSBC and UOB.Given the flexibility and effectiveness of the new share registry software, HSBCintends to roll out the system globally to all its fund administration clients.UOB will continue to use AFS services after it is transferred to full HSBCownership. Nick Bryan, Head HSBC Securities Services, Asia Pacific, said: "We have greatconfidence in the shareholder services software that has been developed by AsiaFund Services. The improved functionality, flexibility and efficiency of thesystem allow HSBC to unify its shareholder services globally. Full ownership ofAsia Fund Services will enable us to accelerate the transfer of clients to theenhanced platform in a seamless and efficient manner." HSBC's share registry service is part of the Institutional Fund Servicesbusiness, which has 700 staff in 11 Asian countries. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
HSBC Holdings