A logo of HSBC is seen on its headquarters at the financial Central district in Hong Kong, China August 4, 2020. REUTERS/Tyrone Siu/File Photo
HONG KONG: HSBC said on Thursday it planned to privatise Hong Kong's Hang Seng Bank after its majority-held subsidiary has come under fire for its performance and exposure to faltering property markets in the city and mainland China.
HSBC will offer HK$155 per share, valuing the deal at about HK$106.1 billion ($13.63 billion) for the purchase of the 36.5% of shares not already owned by HSBC and giving Hang Seng Bank a total valuation of $37 billion.
