Following a special general meeting of the Bank of Bermuda on Monday, it emerged that the merger of the Bank with HSBC Holdings plc has been officially approved by Bank of Bermuda shareholders.
According to an HSBC statement, 91.0% of those who attended the meeting voted in favour of the amalgamation of the two organisations, with 9.0% voting against.
All relevant government and regulatory permissions have already been obtained, meaning that Bank of Bermuda is likely to become a wholly-owned subsidiary of HSBC on Wednesday.
Speaking following the vote, HSBC Group chairman, Sir John Bond announced that:
"We are delighted that the shareholders of Bank of Bermuda have approved the transaction. We believe this is in the best interests of the customers and shareholders of both companies."
Bank of Bermuda chairman, Joseph Johnson also welcomed the results, explaining that:
"The strong support that we have received from our shareholders is extremely gratifying and only serves to reinforce our conviction in the benefits of this amalgamation."
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