Shareholders of Hang Seng Bank have overwhelmingly backed a buyout plan by its owner HSBC on taking the local lender private, with its shares set to be delisted from the city's bourse.

The deal, under which HSBC would purchase the shares it did not already hold, secured close to 86 percent of the votes from shareholders.

"We are pleased with the approval of the proposal and grateful to Hang Seng Bank shareholders for their continued support," said HSBC CEO Georges Elhedery in a statement.

"The approval reflects strong confidence in Hang Seng Bank’s franchise and in the opportunities that full ownership within the HSBC Group can unlock. We look forward to progressing this proposal and fulfilling the remaining conditions, and will provide further updates in due course."

The High Court will decide whether the plan can be executed in a hearing scheduled for January 23, with a decision expected on the same day.

If all goes according to plan, next Wednesday will be the last trading day for Hang Seng's shares, before they are delisted from the Hong Kong stock exchange after the market closes on January 27.

Founded in 1933, Hang Seng is one of Hong Kong's leading banks and serves about four million customers.
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Last updated: 2025-01-08 HKT 21:58