智通财经网·2025-10-10 03:34Core Viewpoint - UBS reports that HSBC Holdings (00005) has proposed to privatize Hang Seng Bank (00011) at HKD 155 per share, with HSBC confident that there will be no significant regulatory obstacles [1] Group 1: Financial Implications - If the acquisition is successful, HSBC's Common Equity Tier 1 (CET1) capital ratio is expected to decrease by 125 basis points [1] - HSBC anticipates restoring the CET1 ratio to a target range of 14%-14.5% through organic growth, and plans to suspend share buybacks for the next three quarters while maintaining a 50% payout ratio based on underlying earnings for 2025 [1] - HSBC's CET1 ratio was 14.6% in Q2 of this year, and the bank expects this transaction to enhance earnings per share, although no additional financial data regarding the transaction has been provided [1] Group 2: Customer Perspective - From a customer standpoint, Hang Seng Bank will continue to operate under its existing model [1] - UBS previously expressed concerns regarding provisions for commercial real estate loans at Hang Seng Bank, but believes that increasing exposure to this high Return on Tangible Equity (ROTE) market while reducing operational complexity within the group is a correct move [1]