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HSBC’s board members made a firm case for their strategy on Monday, standing by the bank’s current business model during an informal shareholder meeting in Hong Kong. Chairman Mark Tucker and CEO Noel Quinn fielded questions from investors, defending the bank’s approach to various issues, including calls for a split.
Tucker and Quinn reiterated their recommendation to vote against a resolution in the upcoming annual meeting that would mandate a plan to spin off HSBC’s Asian business. Tucker emphasized that such a move would not benefit shareholders. He explained that the board had explored restructuring options and deemed them detrimental to shareholders, particularly dividends.
Despite pressure to separate its Asian business due to perceived underperformance, Quinn reassured investors, stating that the group’s overall performance is strong. Continuously delivering dividends is a testament to HSBC’s effective strategy. Addressing concerns about revenue loss from a breakup, Quinn highlighted the bank’s significant reliance on cross-border transactions.
With shareholders discontented over the bank’s dividend cancellation in 2020, some are advocating for a spinoff to safeguard their interests. While HSBC reinstated dividends in 2021, dissatisfaction persists, especially among small shareholders who heavily relied on the dividend payments for essential expenses.
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The resolution to spin off HSBC’s Asian business at the upcoming general meeting will require 75% of votes for approval. Activist shareholder Ken Lui, advocating for the split, is actively seeking support and will engage institutional shareholders to advance the proposal. Notably, HSBC is also facing pressure from its major shareholder Ping An, which advocates for a structural change to enhance HSBC’s performance and value.
HSBC’s recent acquisition of SVB UK’s unit raised questions about the due diligence process. Despite concerns, the bank defended the acquisition, citing it as a strategic move to onboard pioneering startups as customers. HSBC’s leadership maintained confidence in weathering the banking industry’s recent challenges and anticipated a period of uncertainty before market conditions stabilize.
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