Breaking | HSBC announces plan to privatise Hang Seng Bank

HSBC Holdings has announced a proposal to privatise Hang Seng Bank, offering to purchase the subsidiary’s outstanding shares at HK$155 per share in cash, according to a filing to the Hong Kong exchange on Thursday.

The price represents a premium of 30 per cent over the last closing price of HK$119 per share on Wednesday. The shares would be cancelled under the proposal.

More to follow …