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Article: Charting a New Course On the Cusp of a Merger.(acquisition of Bank of Bermuda by Hongkong and Shanghai Banking Corporation)(Interview)
- Article from:
- Securities Industry News
- Article date:
- January 26, 2004
CopyrightCOPYRIGHT 2004 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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HSBC's proposed acquisition of Bank of Bermuda-shareholders will vote on the plan on Feb. 16-would not only advance the world's second-largest banking group's efforts in the wealth management arena, but it would also give it an opportunity to complement its securities services business.
HSBC is best known for its domestic and global custody operations, while Bank of Bermuda excels in offshore fund administration. Combined, the banks would administer more than $200 billion in assets for 2,000-plus clients.
As is the case with many takeovers, determining what will stay and what will go is a mind-boggling task. Then there is the matter of deciding where ...