HSBC proposes to privatize subsidiary Hang Seng Bank, valuing it at over $37 billion | NYGazet

HSBC said it has asked the board of Hang Seng Bank to put forward a privatization proposal to shareholders via a scheme of arrangement under Hong Kong’s Companies Ordinance.

HSBC on Thursday announced it has proposed to privatize Hang Seng Bank, in which it holds a controlling stake, valuing the bank at more than 290 billion Hong Kong dollars ($37 billion). HSBC has asked Hang Seng Bank's board to put forward a privatiza... [923 chars]