Hong Kong's Hang Seng Bank said on Monday an ‍independent board ‍committee found HSBC's $13.6 billion take-private offer ​to be fair and reasonable, and recommended its minority ⁠investors vote in favour of the proposal.

Under the offer, ⁠HSBC is ‌proposing to purchase 36.5% of shares in Hang Seng not already owned by ⁠the company.

The deal comes as HSBC looks to boost operations strategically through acquisitions while continuing with divestments, the bank's chief executive Georges ⁠Elhedery told Reuters when ​the deal was announced.

Hang Seng Bank has been under pressure ‍in recent years due to its relatively high exposure ​to the Hong Kong and mainland Chinese property markets.

Debt-laden property developers in Hong Kong and their creditors are set to face intensifying financial pressure as bond maturities are slated to jump by nearly 70% next year.

Founded in 1933, Hang Seng is one of Hong Kong's largest banks and a ⁠principal member of the ‌HSBC group. It serves about 4 million customers through digital platforms and more than 250 branches ‌across ⁠the city, according to its website. (Reporting by John ⁠Biju in Bengaluru; Editing by Muralikumar Anantharaman)