Slaughter and May is advising Hang Seng Bank Limited (Hang Seng Bank) in relation to a proposal (Proposal) for the privatisation of Hang Seng Bank by The Hongkong and Shanghai Banking Corporation Limited (HSBC Asia Pacific). The privatisation is proposed to be implemented by way of a scheme of arrangement pursuant to Section 673 of the Companies Ordinance.
The Proposal was jointly announced by Hang Seng Bank, HSBC Asia Pacific and HSBC Holdings plc (HSBC Holdings) on 9 October 2025. Under the Proposal, if the scheme becomes effective, the scheme shares will be cancelled in consideration for HK$155 in cash (less a dividend adjustment amount, if any) for every scheme share held (representing a premium of approximately 30.3% over the closing price of HK$119 per share on 8 October 2025, being the last trading day before the announcement of the Proposal), for an aggregate amount of HK$106 billion (approximately US$13.6 billion). The Proposal values the entire issued share capital of Hang Seng Bank at approximately HK$290 billion (approximately US$37.2 billion).
Hang Seng Bank is a licensed bank incorporated in Hong Kong with limited liability and is listed on the Hong Kong Stock Exchange. Founded in 1933, Hang Seng Bank is widely recognised as the leading domestic bank in Hong Kong, serving close to 4 million customers. As a home-grown financial institution, Hang Seng Bank is closely tied to the Hong Kong community. It supports the community with a dedicated programme of social and environmental initiatives focused on future skills for the younger generation, and financial literacy, addressing climate change and caring for the community. Hang Seng Bank and its subsidiaries are principally engaged in banking and related financial services, and also conduct insurance, asset management and index compiler businesses, in Hong Kong.
HSBC Asia Pacific is a licensed bank incorporated in Hong Kong with limited liability and is listed on the Hong Kong Stock Exchange. It is principally engaged in banking and related financial business in Hong Kong. HSBC Asia Pacific is a wholly-owned subsidiary of HSBC Holdings.
HSBC Holdings is a company incorporated in England and Wales with limited liability, whose ordinary shares are listed on the Hong Kong Stock Exchange, the London Stock Exchange and the Bermuda Stock Exchange and whose American depositary receipts are listed on the New York Stock Exchange. It is headquartered in London and is one of the world’s largest banking and financial services organisations.
Anson Chan / Trainee