Kirkland & Ellis advises Hang Seng Bank Limited on $37 billion sale to HSBC Holdings plc

HSBC, through its Hong Kong-based Asia Pacific subsidiary, already owns 63% of Hang Seng and is moving to take full ownership of the nearly 100-year-old Hong Kong retail and commercial bank while keeping its separate brand, licence and governance. Post-closing, Hang Seng would become a wholly owned subsidiary.
The privatisation is a HKD 106 billion (USD 13.6 billion) take-private for the 37% minority stake, priced at HKD 155 per share, a 30% premium to Hang Seng's HKD 119 closing price, and valuing Hang Seng at HKD 290 billion. HSBC said the deal will be funded from existing cash.
The transaction is being implemented by a Hong Kong scheme of arrangement and needs approval from Hang Seng shareholders at both a court meeting and a general meeting, plus High Court sanction. Strategically, HSBC framed the deal as part of its priority to expand in Hong Kong, while planning to keep HSBC Asia Pacific and Hang Seng as separate entities so customers can choose where to bank.

Hang Seng Bank Limited is a Hong Kong-listed bank, trading on HKSE under stock code 11, and it is the target in HSBC Holdings plc's proposed take-private transaction.
The deal is structured as a privatization by way of a scheme of arrangement, and it values Hang Seng Bank at US$37 billion.
The transaction was announced on October 9, 2025, marking the public launch of HSBC's proposed acquisition of full control of Hang Seng Bank.

HSBC, through its Hong Kong-based Asia Pacific subsidiary, already owns 63% of Hang Seng and is moving to take full ownership of the nearly 100-year-old Hong Kong retail and commercial bank while keeping its separate brand, licence and governance. Post-closing, Hang Seng would become a wholly owned subsidiary.
The privatisation is a HKD 106 billion (USD 13.6 billion) take-private for the 37% minority stake, priced at HKD 155 per share, a 30% premium to Hang Seng's HKD 119 closing price, and valuing Hang Seng at HKD 290 billion. HSBC said the deal will be funded from existing cash.
The transaction is being implemented by a Hong Kong scheme of arrangement and needs approval from Hang Seng shareholders at both a court meeting and a general meeting, plus High Court sanction. Strategically, HSBC framed the deal as part of its priority to expand in Hong Kong, while planning to keep HSBC Asia Pacific and Hang Seng as separate entities so customers can choose where to bank.

Hang Seng Bank Limited is a Hong Kong-listed bank, trading on HKSE under stock code 11, and it is the target in HSBC Holdings plc's proposed take-private transaction.
The deal is structured as a privatization by way of a scheme of arrangement, and it values Hang Seng Bank at US$37 billion.
The transaction was announced on October 9, 2025, marking the public launch of HSBC's proposed acquisition of full control of Hang Seng Bank.

Deal Overview