When HSBC unveiled a $13.6bn deal to take full control of its local Hong Kong lender on Thursday, chief executive Georges Elhedery was clear: after a year spent in retreat from high-profile businesses such as investment banking, the bank was back on the front foot.
“This is an investment for growth?.?.?.?for the medium to long term in what is a leading local bank in Hong Kong,” Elhedery said shortly after the announcement of the offer for the 37 per cent of Hang Seng Bank owned by other investors.
The bid is Elhedery’s first big strategic move that involves spending money rather than cutting back since he took charge in September last year.
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