FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a - 16 or 15d - 16 of
the Securities Exchange Act of 1934
For the month of November, 2006
HSBC Holdings plc
42nd Floor, 8 Canada
Square, London E14 5HQ, England
(Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F).
Form 20-F X Form 40-F ......
(Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934).
Yes....... No X
(If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): 82- ..............)
HSBC COMPLETES ACQUISITION OF GRUPO BANISTMO
HSBC announced on 20 July 2006 that an agreement had been entered into with
Grupo Banistmo S.A. (Banistmo), the leading banking group in Central America,
to make a tender offer to acquire all the outstanding shares of Banistmo for
cash. HSBC has today completed the acquisition of 99.98 per cent of outstanding
Banistmo shares for a total consideration of approximately US$1.77 billion.
The acquisition of Banistmo complements HSBC's existing operations in the
region, in particular in Panama where HSBC already provides services to personal
and corporate customers through 19 branches.
This acquisition will enable HSBC to better serve the needs of its regional and
international customers. It also establishes a presence in five new markets for
HSBC - Colombia, Costa Rica, El Salvador, Honduras and Nicaragua - and provides
access to a total population of 83 million people.
Notes to editors:
1. The offer expired at 5:00 pm Panama time on Wednesday, 22 November 2006.
33,623,973 shares, which represent 99.98 per cent of the total capital stock of
Grupo Banistmo, were validly tendered and accepted for payment.
The offer price was US$52.63 per share in cash for each outstanding share. The
total offer consideration to be paid by HSBC for the tendered shares is
approximately US$1.77 billion.
All conditions for completion of the offer were met and HSBC obtained all the
regulatory approvals required in connection with the offer.
2. HSBC in Panama
HSBC has been present in Panama since 1972. HSBC Bank (Panama) S.A. has 19
branches and 75 ATMs, distributed among the cities of Panama, Colon, Aguadulce,
Chitre and David, providing a full range of banking products and services
including commercial and consumer banking, HSBC Premier, private banking and
corporate banking. In 2005, HSBC Bank (Panama) S.A. acquired the entire share
capital of the Financomer Group in Panama for a cash consideration of
US$21 million.
3. HSBC Holdings plc
The HSBC Group serves over 125 million customers worldwide through some 9,500
offices in 76 countries and territories in Europe, the Asia-Pacific region, the
Americas, the Middle East and Africa. With assets of US$1,738 billion
at 30 June 2006, HSBC is one of the world's largest banking and financial
services organisations. HSBC is marketed worldwide as 'the world's local bank'.
4. Grupo Banistmo, S.A.
Grupo Banistmo is the leading banking group in Central America, with operations
in Panama, Colombia, Costa Rica, Nicaragua, Honduras, El Salvador and Bahamas.
At 31 December 2005, Grupo Banistmo had assets of US$6,973 million and
shareholders' funds of US$695 million.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
HSBC Holdings plc
By:
Name: P A Stafford
Title: Assistant Group Secretary
Date: 23 November 2006