HSBC 2003 Annual Report Download - page 368
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HSBC HOLDINGS PLC
Notes on the Financial Statements (continued)
366
51 Subsequent events
On 18 February 2004, HSBC Asia Holdings BV, a wholly-owned subsidiary of HSBC, acquired 100 per cent of the
issued share capital of The Bank of Bermuda Limited for a cash consideration of US$1.3 billion.
The acquisition will provide HSBC with a strong position in the local banking market in Bermuda. It will also add
significant scale and geographical spread to HSBC’ s existing international fund administration, private banking,
trustee and payments and cash management businesses.
The fair value of the assets and liabilities acquired, and the goodwill arising on the acquisition, is in the process of
being determined and it is not practicable to estimate the future financial impact of the acquisition on HSBC.
52 Approval of accounts
These accounts were approved by the Board of Directors on 1 March 2004.