Last checked at 14 May 2015 09:40
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 joint announcement by Hang Seng Bank Limited (the "Bank") and HSBC Holdings plc dated 12 May 2015, in relation to the sale by the Bank of part of its shareholding representing up to 4.99% 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 950,700,000ordinary shares of Industrial Bank (representing approximately 4.99% of the ordinary shares of Industrial Bank) for an aggregated cash consideration of approximately RMB16.81 billion (equivalent to approximately HK$20.99 billion).
Following the completion of the Transaction, the Bank holds approximately 0.88% 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, 14 May 2015
ends/all