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Bank Of Bermuda Announces Shareholder Approval Of Amalgamation With HSBC

Hamilton, Bermuda: 16 February 2004 - At a Special General Meeting of The Bank of Bermuda (Nasdaq:BBDA;BSX:BOB) held today, the resolution to approve the amalgamation of Bank of Bermuda with a wholly-owned subsidiary of HSBC Holdings plc was overwhelmingly approved. 83.8 % of the outstanding shares were voted at the meeting, of which 91.0 % voted for the transaction, with 9.0 % voting against.

All necessary governmental and regulatory consents and approvals required in connection with the transaction have been obtained.

It is expected that the amalgamation, which will result in Bank of Bermuda becoming a wholly-owed subsidiary of HSBC, will become effective on 18 February 2004. On that basis, the last day of dealings in Bank of Bermuda shares on NASDAQ and the Bermuda Stock Exchange will be 17 February 2004.

HSBC Group Chairman, Sir John Bond, said: "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. We have always had the greatest respect for Bank of Bermuda and we now look forward to working with our new colleagues on making the acquisition a success."

Joseph Johnson, Chairman of Bank of Bermuda, said, "The strong support that we received from our shareholders is extremely gratifying and only serves to reinforce our conviction in the benefits of this amalgamation, as well as our commitment to continue to work in the best interests of our customers, employees and the people of Bermuda. When our amalgamation is shortly completed, we will be providing more detailed communications to our key stakeholders regarding our integration and branding plans, additions to our management team and Board of Directors.

"For now, I want to emphasise that we are just as excited today about the many benefits for our employees, our customers and our communities that will be forthcoming, as when we first announced our amalgamation plan. From increased opportunities for new skills development and career advancement, to expanded reach, greater product offerings and enhanced technology, as well as our ongoing support for local charitable and community needs, we will work hard to deliver the many benefits of the amalgamation.