HSBC: Secondary listing on BSX
The Bermuda Stock Exchange got a big boost yesterday with HSBC Plc listing its shares.
HSBC's secondary listing, under the BSX's international companies category, follows its buy out of the Bank of Bermuda for $1.3 billion yesterday.
With the BSX listing yesterday, HSBC Holdings is now traded on five international exchanges, with it having a dual primary listing on the London and Hong Kong stock exchanges, as well as secondary listings in Paris and New York.
On hand to witness HSBC's listing were HSBC group CEO Stephen Green, HSBC group general manager Iain Stewart, BSX CEO Greg Wojciechowski, BSX executive James McKirdy and chairman of the BSX listing committee Harry Wilken.
Wasting no time in making the listing (HSBC shares could reportedly be bought on the BSX by close of business yesterday), HSBC joined the exchange mere hours after the acquisition of the Bank of Bermuda went through.
Mr. Green smiled and said "do not let grass grow under your feet".
Mr. Wojciechowski told The Royal Gazette HSBC, as an international company, would not be included in the index, which slumped after the Bank of Bermuda listed on the Nasdaq in 2002. However, he locals would be able to buy HSBC shares on the BSX, which could be attractive from a logistical viewpoint.
And Mr. Wojciechowski applauded the listing, saying it was good news for the exchange and Bermuda: "This is extremely exciting for Bermuda in terms of the capital markets. With HSBC trading here we may see more activity. We are potentially able to provide another global platform," he said.
