HSBC accelerates the $14 billion acquisition plan for Hang Seng Bank equity

HSBC HOLDINGS stated that the transaction to acquire the minority shareholder equity of its Hong Kong subsidiary HANG SENG BANK for USD 14 billion is expected to be completed by the end of March next year, earlier than previously anticipated. According to HSBC's statement, a more detailed transaction timeline will be announced next month. The privatization of HANG SENG BANK is HSBC's largest acquisition since the early 2000s. In the early 2000s, the bank was at the tail end of its global expansion efforts, which propelled it from a regional bank primarily operating in Asia to one of the largest financial institutions in the world