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HSBC’s top executives stood by their strategy Monday during an informal shareholder meeting in Hong Kong, emphasizing the importance of keeping the bank intact. Chairman Mark Tucker and CEO Noel Quinn reassured investors on the bank’s approach to demands for changes in its structure.
The two leaders addressed questions on various matters, including the bank’s stance on a resolution that would mandate a spinoff or reorganization of its Asian business. Tucker reaffirmed the board’s opposition to the resolution, stating that splitting the bank would not serve the interest of shareholders. He emphasized that the current strategy is yielding positive results and increasing dividends.
Quinn directly tackled concerns about the bank’s performance in Hong Kong and the UK, asserting that the business in these areas is no longer being impacted by underperformance elsewhere. He highlighted that a breakup of the bank would result in significant revenue loss due to cross-border transactions.
Despite HSBC’s decision to suspend dividends in 2020, subsequently lowering them in 2021, shareholders in Hong Kong expressed their dissatisfaction. Calls for a spinoff of the Asian business have gained traction among some small investors who were affected by the dividend cut.
Ken Lui, an activist shareholder, has been advocating for the spinoff and is rallying support for the resolution ahead of the upcoming general meeting in May. HSBC is also facing pressure from its largest shareholder, Ping An, to reconsider its structure.
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HSBC’s recent acquisition of the British unit of SVB sparked questions about due diligence. Despite criticism, Quinn and Tucker defended the acquisition, highlighting the new business opportunities it brings. They reassured shareholders that recent industry tumult would not have an immediate impact on HSBC.
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