HSBC is set to acquire Bank of Bermuda in a US$1.3 billion deal designed to strengthen the banking giant's international funds and private client business, it emerged this week.
The deal, which HSBC hopes will be completed in early 2004, has been approved by the Bank of Bermuda's board, but has yet to receive the go-ahead from either shareholders or regulators.
HSBC has announced that it will pay US$40 per share, which will be supplemented by the Bank of Bermuda with a US$5 cash dividend per share.
"The acquisition will significantly enhance our capabilities in some important lines of business. The strategic fit is excellent," HSBC's chairman, Sir John Bond announced in a statement this week.
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