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HSBC’s top executives defended their strategy on Monday during an informal shareholder meeting in Hong Kong. Shareholders had questions about various issues, from demands for business overhaul to the acquisition of Silicon Valley Bank’s UK arm. Chairman Mark Tucker and CEO Noel Quinn reiterated their recommendation against a resolution that would require the bank to spin off its Asian business, which is its main source of profits. Tucker stated that splitting the bank would not be in the shareholders’ interest as it could materially destroy value, including dividends.
Despite facing pressure to separate its Asian business, HSBC’s leaders highlighted that the bank’s strategy is working, and dividends are on the rise. Shareholders in Hong Kong believe that the bank’s performance has been negatively impacted by other regions, but CEO Quinn assured investors that profits in Hong Kong and the UK are no longer hindered by underperformance elsewhere. Additionally, concerns were raised about significant revenue loss and operational challenges in the event of a bank breakup due to cross-border transactions.
Christine Fong, a district council member in Hong Kong, voiced concerns on behalf of small shareholders affected by HSBC’s dividend cancellation. Meanwhile, activist shareholder Ken Lui, who called for the bank’s restructuring, emphasized the importance of shareholder support. The resolution requiring 75% of votes will be voted on in May, with efforts to sway institutional shareholders and promote shareholder rights through voting.
Ping An, HSBC’s largest shareholder, has supported initiatives to improve the bank’s performance and value. The insurer advocates for a potential spinoff of HSBC’s Asian business to enhance stock performance and simplify regulatory obligations. Despite the pressure from shareholders and major investors, HSBC’s leadership defended their recent acquisition of SVB UK and expressed confidence in the bank’s stability amid industry challenges.
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