Proposal to privatize Hang Seng Bank approved by shareholders

HONG KONG, Jan. 8 (Xinhua) -- The HSBC Group, together with the Hong Kong and Shanghai Banking Corporation Limited, on Thursday announced that the scheme of arrangements to privatize Hang Seng Bank Limited has been approved by relevant shareholders of the bank.

The proposal received strong shareholder support, said the HSBC Group. Around 86 percent of the votes were cast in favor of the scheme at the court meeting of Hang Seng Bank.

The scheme is expected to become effective on Jan. 26 pending ratification by Hong Kong's High Court, which would lead to the withdrawal of the listing of Hang Seng Bank shares from the Hong Kong Stock Exchange on the following day.

"The approval reflects strong confidence in Hang Seng Bank's franchise and in the opportunities that full ownership within the HSBC Group can unlock," said HSBC Group CEO Georges Elhedery, commenting on the shareholders' vote. Enditem