VANCOUVER, May 16, 2014 /CNW/ - HSBC Bank Canada (HSB.PR.E-TMX) today announced its intention to redeem all of its issued and outstanding Non-Cumulative 5-Year Rate Reset Class 1 Preferred Shares Series E (the "Series E shares"), on 30 June 2014, for cash at a redemption price of $25.00 per share.
There are 10,000,000 Series E shares outstanding, representing $250 million of capital. The redemption of the Series E shares will be financed out of the general corporate funds of HSBC Bank Canada.
Separately from the redemption price, the final quarterly dividend of $0.4125 for each of the Series E shares will be paid in the usual manner on 30 June 2014 to shareholders of record on 13 June 2014.
HSBC Bank Canada, a subsidiary of HSBC Holdings plc, is the leading international bank in Canada. The HSBC Group serves customers worldwide from over 6,300 offices in over 75 countries and territories in Europe, Asia, North and Latin America, and the Middle East and North Africa. With assets of US$2,758bn at 31 March 2014, HSBC is one of the world's largest banking and financial services organizations.
SOURCE: HSBC Bank Canada
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