Plan to privatise Hang Seng Bank elicits mixed reactions from customers
On Thursday afternoon, hours after HSBC Holdings announced a plan to privatise subsidiary Hang Seng Bank, the local lender’s headquarters in Central was crowded with customers queuing for services. Among them were many elderly people, including five who told the Post they were not aware of the news and were unsure if it would have…
Among them were many elderly people, including five who told the Post they were not aware of the news and were unsure if it would have an impact on their bank accounts.
Alex Cheung, 47, who works in the insurance industry, said she was not concerned about the privatisation. “Every bank has its own risks and the government does not provide guarantees,” Cheung said. “Having said that, I will not switch to another bank account.
“Hang Seng has been in Hong Kong for so many years, nearly every local has an account. I don’t see any reason to do that as long as it continues to provide good services.”
Hang Seng Bank, which started as money-changing shop Hang Seng Ngan Ho in 1933, will retain its brand, branch network, 11-member board and its licence under Hong Kong’s banking ordinance, as well as its “proposition” to customers, according to HSBC group’s CEO Georges Elhedery during a media round table in Hong Kong after announcing the privatisation.
