HSBC to privatise Hang Seng Bank in surprise bid for efficiency amid real estate loan woes

The privatisation would cost HSBC about HK$106.16 billion (US$13.64 billion) in cash payout, according to the plan. Hang Seng Bank's shareholders would still be entitled to their third interim dividend, expected on October 21.Hang Seng Bank was sold to HSBC in 1965 after a bank run wiped out almost a quarter of its reserves. Over time, HSBC increased its ownership of Hang Seng Bank to almost 63 per cent, from the initial 51 per cent controlling stake. Hang Seng Bank was listed on the Hong Kong stock exchang ...