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Peter Wong: HSBC HOLDINGS' Privatization of HANG SENG BANK to Strengthen Complementary Advantages
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After HSBC HOLDINGS (00005.HK) proposed the privatization of HANG SENG BANK (00011.HK) last October, the latter convened a court meeting and shareholders' meeting this morning (8th) to review the special resolution on privatization. Peter Wong, Chairman of The Hongkong and Shanghai Banking, published an article in the Hong Kong Economic Journal this morning, emphasizing that the privatization of HANG SENG BANK aims to strengthen their complementary advantages, thereby better serving customers and the community, and bringing greater value to shareholders. He believed that privatization is not intended to erase the differences between the two banks nor is it a move to satisfy short-term returns. In his view, privatizing HANG SENG BANK can unleash greater synergies for both parties, describing the transaction as a major investment by HSBC in the Hong Kong market, reflecting its commitment and confidence in Hong Kong as an international financial center (IFC) and as a crucial bridge connecting China and the world. It is expected to further enhance the long-term competitiveness of Hong Kong's IFC. AASTOCKS Financial News Website: www.aastocks.com |
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