Hang Seng Bank re: Industrial Bank completion

RNS Number : 8481E

HSBC Holdings PLC

13 February 2015

 



The following is the text of an announcement made today by Hang Seng Bank, a 62.14% indirectly held subsidiary of HSBC Holdings plc.

HANG SENG BANK

COMPLETION OF SALE OF PART OF THE BANK'S SHAREHOLDING IN INDUSTRIAL BANK

Reference is made to the announcement by Hang Seng Bank Limited (the "Bank") dated 10 February 2015, in relation to the sale by the Bank of part of its shareholding representing up to 5.0% of the ordinary shares of Industrial Bank Co., Ltd. ("Industrial Bank"), by way of placement to institutional investors (the "Transaction").

The Board of Directors (the "Board") of the Bank is pleased to announce that the Transaction has successfully completed, resulting in the sale by the Bank of 952,616,838 ordinary shares of Industrial Bank (representing approximately 5% of the ordinary shares of Industrial Bank) for an aggregate cash consideration of approximately RMB12.73 billion (equivalent to approximately HK$15.79 billion).

Following the completion of the Transaction, the Bank holds approximately 5.87% of the ordinary shares of Industrial Bank.

As at the date hereof, the Board comprises Dr Raymond K F Ch'ien* (Chairman), Ms Rose W M Lee (Vice-Chairman and Chief Executive), Dr John C C Chan*, Mr Nixon L S Chan, Dr Henry K S Cheng*, Ms L Y Chiang*, Mr Andrew H C Fung, Dr Fred Zuliu Hu*, Ms Irene Y L Lee*, Ms Sarah C Legg^#, Dr Eric K C Li*, Dr Vincent H S Lo^#, Mr Kenneth S Y Ng^#, Mr Richard Y S Tang*, Mr Peter T S Wong^# and Mr Michael W K Wu*.

^#  Non-executive Directors

* Independent Non-executive Directors

For and on behalf of

Hang Seng Bank Limited

C C Li

Company Secretary

Hong Kong, 13 February 2015

Note to editors:

The HSBC Group

HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from over 6,200 offices in 74 countries and territories in Europe, Asia, North and Latin America, and the Middle East and North Africa. With assets of US$2,729bn at 30 September 2014, HSBC is one of the world's largest banking and financial services organisations.

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