Hang Seng Bank Ltd’s independent financial adviser recommended that shareholders vote in favor of HSBC Holdings Plc’s proposal to privatize the lender.

Both the independent financial adviser, Somerley Capital and the independent board committee consider the proposal “fair and reasonable,” according to a statement on the Hong Kong Stock Exchange. 

London-based HSBC, which owns about 63 percent of Hang Seng, will spend about $14 billion buying the shares it doesn’t already hold. The HK$155 offer price, which values the unit at $37 billion, represents a 30 percent premium to Hang Seng’s closing share price before the deal was announced.

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HSBC in October offered to take Hang Seng Bank private in a deal representing a major bet on the Asian financial hub. The British lender said its HK$155 per share offer for Hang Seng Bank is final and will not be raised “under any circumstances.”

The meeting for shareholders to consider the proposal will be held on Jan 8, and the withdrawal of listing of Hang Seng Shares is set to become effective on Jan 27.