Ruth David: HSBC Shines a Light on Tale of Two Cities
This article is for subscribers only.
One of the top stories in British business today was HSBC offering to take its Hong Kong subsidiary Hang Seng Bank Ltd. private for $14 billion, as part of its pivot into Asia.
HSBC, which owns about 63% of Hang Seng, plans to pay a 30% premium to the bank’s closing share price on Wednesday. Investor concerns about that price tag sent the London-based bank’s shares down as much as 7%, the biggest intra-day loss in six months.