HONG KONG, 17 October 2025 – HSBC Holdings plc (HSBC) does not plan to implement any job cuts following its proposal to take its Hang Seng Bank (Hang Seng) subsidiary private for US$13.6 billion.
HSBC has pledged to invest billions of dollars in Hong Kong in the next few years, according to Paul Chan, Financial Secretary of Hang Seng, in a Bloomberg Television interview.
The investments will be focused on strengthening its private wealth business, customer services, and technology capabilities.
The buyout aims to preserve Hang Seng’s brand identity and distinct customer proposition. Under the proposal, HSBC would acquire the remaining 36.5% stake in Hang Seng, which it does not already own, at HK$155 per share.
As of June 2025, Hang Seng’s credit-impaired loans to the commercial real estate increased 85% year-on-year to HK$25 billion.
When asked if Hang Seng might be sold in the future, post-privatisation, Chan said it is the bank’s decision to make and that no plans on this have been communicated.
Announcing the privatisation on 9 October 2025, HSBC said the proposal aligns with its strategy to increase leadership and expand its presence in markets where it holds competitive advantages and strong growth potential.
Source: Bloomberg
