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HSBC’s top management recently attended a shareholder meeting to address concerns about the bank’s performance and structure. The Chairman, Mark Tucker, along with CEO Noel Quinn, highlighted the board’s recommendation against splitting up the bank, stressing that it would not be beneficial for shareholders. They emphasized that the current strategy is yielding positive results by moving dividends up.
Quinn acknowledged previous complaints that the bank’s profits in Hong Kong and the UK were being affected by underperformance in other regions. However, he reassured shareholders that the group’s overall performance is strong. Despite calls from investors to separate the Asian business from the rest of the bank, Quinn cautioned that such a move could result in significant revenue loss due to the bank’s reliance on cross-border transactions.
As part of the discussion, concerns were raised about the bank’s recent acquisition of SVB UK. Shareholders questioned the due diligence process involved in the acquisition, considering how quickly the deal was completed. Tucker and Quinn defended the decision, citing it as a strategic move to acquire innovative startups as customers.
The bank has also faced pressure from its largest shareholder, Ping An, advocating for a reorganization to enhance performance and value. Ping An has been supportive of initiatives, including a potential spinoff of the Asian business, to drive stock performance.
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