HSBC Holdings plc and Hang Seng Bank have announced the publication and despatch of the Scheme Document related to HSBC’s proposed privatisation of Hang Seng Bank. The document details the plan for HSBC to acquire all remaining shares in Hang Seng Bank through a scheme of arrangement.
The proposal offers HK$155 per share, which is about 33.1% higher than the average closing price over the 30 trading days before October 8, 2025, and approximately 30.3% above the closing price on that date.
The Independent Financial Adviser (IFA) has reviewed the proposal and considers it fair and reasonable for shareholders who are not involved with HSBC or its affiliates. According to the IFA, “the Proposal and the Scheme [are] fair and reasonable so far as the Code Disinterested Shareholders are concerned.” The IFA has recommended that these shareholders vote in favor of approving the scheme.
The Independent Board Committee (IBC) of Hang Seng Bank supports this assessment. The IBC “concurs with the IFA’s assessment and therefore recommends that these shareholders vote in favour of the resolutions to approve the Scheme at the upcoming Court Meeting and General Meeting.”
Georges Elhedery, Group CEO of HSBC, commented on this development: “We are delighted to receive these important recommendations. Our intention to privatise Hang Seng Bank is an investment for growth in a home market we know very well. We see a compelling opportunity to create greater alignment, while respecting the heritage and customer proposition of Hang Seng Bank. We will invest further in our relative strengths to respond quickly to market and customer needs as we serve Hong Kong’s many growth opportunities ahead.”
Shareholder meetings regarding this proposal will be held sequentially from 10:30 am on January 8, 2026, at Hopewell Hotel in Wan Chai, Hong Kong. Results from both meetings will be released later that day.
If approved by shareholders and sanctioned by Hong Kong’s High Court, HSBC expects completion on January 27, 2026. This would result in delisting Hang Seng Bank shares from the Hong Kong Stock Exchange on that date.
Additional information can be found within the dedicated microsite created for this proposal.
As background, HSBC Holdings plc is headquartered in London with operations across 57 countries and territories worldwide.