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Plan to privatise Hong Kong’s Hang Seng Bank elicits mixed reactions from customers
Some customers see no reason to worry as long as Hang Seng Bank ‘continues to provide good services’
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On Thursday afternoon, hours after HSBC Holdings announced a plan to privatise subsidiary Hang Seng Bank, the local lender’s headquarters in Central was crowded with customers queuing for services.
Among them were many elderly people, including five who told the Post they were not aware of the news and were unsure if it would have an impact on their bank accounts.
London-based HSBC would buy all outstanding Hang Seng Bank shares for HK$155 each in cash, or a premium of 30 per cent over the stock’s Wednesday closing price of HK$119, according to a statement to the Hong Kong stock exchange on Thursday. Hang Seng Bank’s shares would be cancelled after the purchase, according to the plan.
Alex Cheung, 47, who works in the insurance industry, said she was not concerned about the privatisation. “Every bank has its own risks and the government does not provide guarantees,” Cheung said. “Having said that, I will not switch to another bank account.
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