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HSBC’s top brass defended their strategy vigorously in an informal shareholder meeting in Hong Kong on Monday. The largest lender in Europe has faced ongoing calls for a breakup, but Chairman Mark Tucker and CEO Noel Quinn reassured investors that splitting the bank would not be beneficial.
Tucker and Quinn emphasized that the board unanimously opposes a resolution for restructuring, stating it would not be in shareholders’ best interest. They reiterated that the current strategy is working and moving dividends up. HSBC has faced shareholder pressure to separate its Asian business, believing that the bank’s performance may be hindered by other regions.
Quinn addressed concerns about underperformance in Hong Kong and the UK, stating the group is performing well overall. Activist shareholders in Hong Kong continue to push for a spinoff of HSBC’s Asian business, despite the restoration of dividends in 2021. The resolution will be voted on in May, requiring 75% of votes to pass.
HSBC’s largest shareholder, Ping An, has been vocal about the need for the bank to rethink its structure. They support initiatives that would improve HSBC’s performance and value, including a possible spinoff. The bank’s recent acquisition of SVB UK prompted questions about due diligence, which Tucker and Quinn defended as a strategic move to gain innovative startups as customers.
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