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RETAIL BANKING | Cesar Tordesillas, Hong Kong
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HSBC's stake in Bank Ekonomi now 98.96%

HSBC has completed a mandatory tender offer for the remaining 10.11 percent of the Bank Ekonomi shares held by the general public.A total of 269,012,500 shares, or 10.08 percent, were acquired for a consideration of approximately US$71.6 million. This brings HSBC's total shareholding in the Indonesia-based Bank Ekonomi to 98.96 percent.HSBC was required to make an MTO to public shareholders after it acquired 88.89 percent in Bank Ekonomi on 22 May 2009. HSBC Asia Pacific Holdings UK Limited, a wholly-owned subsidiary of HSBC, made a cash offer of IDR2,652 per share which is equivalent to the US$0.256 price per share HSBC paid in May 2009.The acquisition almost doubled HSBC's presence to 208 outlets in 26 cities in Indonesia.

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