HSBC Receives Backing from Hang Seng Bank's Independent Board Committee for Privatization Proposal

HSBC Holdings has received support from Hang Seng Bank's independent board committee for its privatization proposal. The proposal aims to restructure the bank's ownership structure, with the bank's controlling shareholder, Ping An Insurance Group, reducing its stake in HSBC. The proposal is expected to be put to a vote at the bank's annual general meeting in 2023.