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HSBC HOLDINGS Georges Elhedery Expects Privatization of Hang Seng Bank to Generate US$900M Benefit w/ No Related Layoff Plans
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HSBC HOLDINGS (00005.HK)'s CEO, Georges Elhedery, said during the earnings conference call that the privatization of Hang Seng Bank is expected to generate an income of US$900 million, including US$500 million in synergies on a reported basis and US$400 million in additional income and cost efficiencies, with implementation anticipated by 2028. An additional US$400 million in income and cost efficiencies is also projected. The privatization transaction combines history and heritage with a global network and local depth, enabling the Group to expand its capabilities and drive growth across the customer bases of both banks, he noted. Moreover, there are no plans for layoffs related to the privatization of Hang Seng Bank. The Group stated in its results that, following the privatization of Hang Seng Bank, cost synergies of US$300 million on a reported basis will be released between HSBC and Hang Seng Bank. These funds will be invested in growth opportunities in Hong Kong. To this end, the Group increased its interim cost reallocation commitment from US$1.5 billion to US$1.8 billion. AAStocks Financial News Website: www.aastocks.com |
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