December newsletter
A milestone in our proposal to privatise Hang Seng Bank
Hang Seng Bank shareholders were provided with the details they need to make an informed decision on our proposal to privatise Hang Seng Bank, in a Scheme Document published on Monday, 15 December.
This includes notice of two Hang Seng Bank shareholder meetings on 8 January 2026 in Hong Kong, at which the proposal will be considered.
The results of the shareholder votes at both meetings will be announced on the same day.
The Independent Financial Adviser and Independent Board Committee of Hang Seng Bank have both deemed the proposal to be fair and reasonable and have recommended that shareholders vote in its favour.
The proposal offers a Scheme Consideration of HK$155 for each Scheme Share, representing an approximately 33% premium over the average closing price of HK$116.49 per share for the 30 trading days up to and including 8 October 2025 (the last trading day prior to the joint announcement of the proposal).
“We are delighted to receive these important recommendations,” said Georges Elhedery, our Group CEO.
“Our intention to privatise Hang Seng Bank is an investment for growth in a home market we know very well.
“We see a compelling opportunity to create greater alignment, while respecting the heritage and customer proposition of Hang Seng Bank.
“We will invest further in our relative strengths to respond quickly to market and customer needs as we serve Hong Kong’s many growth opportunities ahead.”
Read the Scheme Document (opens in new window) and find out more about the proposal on our dedicated microsite.
Brendan Nelson appointed as HSBC Group Chair
The HSBC Board has appointed Brendan Nelson as Group Chair.
Brendan, who joined the Board in September 2023, has been serving as interim Group Chair since 1 October this year.
The decision follows a robust process that considered both internal and external candidates.
“On behalf of the Board, I am delighted with Brendan’s appointment as our Group Chair,” said Ann Godbehere, Senior Independent Non-executive Director at HSBC, who led the process.
“Since assuming the role of interim Group Chair, Brendan has demonstrated his excellent leadership capabilities backed by his strong banking and governance credentials.”
Brendan has had an extensive career in financial services, both at KPMG, when he led the Global Financial Services Practice, advising and auditing international banks, and on the Boards of BP, RBS, and HSBC.
He said: “I am honoured to be HSBC Group Chair. I look forward to continuing to work with the Board, Georges and the wider management team as we deliver on our strategic and financial objectives.”
Brendan will remain as Chairman of the Group Audit Committee until the publication of our Annual Results 2025 in February next year.
We’re partnering with AI powerhouse Mistral
We’ve announced a strategic partnership with French start-up Mistral AI to enhance and accelerate the use of generative artificial intelligence (gen AI) across the bank.
By bringing together our global financial expertise and Mistral AI’s cutting-edge technology, we aim to improve business processes, save employees time and help to better serve millions of customers globally.
We’re continually assessing a wide range of large language models as part of our technology strategy and identified a valuable opportunity to use Mistral’s AI expertise to enhance our internal tools.
These include an AI-powered platform used by colleagues globally to help with productivity tasks.
The multi-year partnership builds on our investments in the latest AI technologies, which are focused on increasing business efficiencies and better serving customers.
Our future areas of focus will include customer-facing innovations, such as improvements to credit and lending processes, enhancing customer onboarding, and fraud and anti-money laundering checks.
“Working with Mistral is an exciting step forward in HSBC’s technology strategy, enabling us to further enhance AI capabilities across the bank,” said Georges Elhedery, our Group CEO.
“The partnership will equip our colleagues with tools to help them innovate, simplify daily tasks, and free up time to deliver for our customers.”