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HSBC’s top executives defended their strategy during a shareholder meeting in Hong Kong. Chairman Mark Tucker and CEO Noel Quinn faced questions from investors, covering topics from restructuring demands to acquisitions. Tucker and Quinn strongly urged shareholders to vote against a proposal that would split its profitable Asian business. Tucker emphasized that splitting the bank would not benefit shareholders and could potentially damage value and dividends.
Quinn assured shareholders that the bank’s performance in Hong Kong and the UK was solid, dispelling concerns about underperformance affecting profits. Despite facing criticism for canceling dividends, HSBC has reinstated them, albeit at a reduced level. Activist shareholders in Hong Kong are rallying for a spinoff of its Asian business, advocating for the proposal ahead of the upcoming resolution vote.
Ping An, HSBC’s largest shareholder, has joined the calls for the bank to reevaluate its structure for improved performance and value. The Chinese insurance giant supports initiatives that could enhance HSBC’s valuation, including a spinoff of its Asian business. HSBC’s recent acquisition of Silicon Valley Bank’s UK arm drew scrutiny over due diligence, with critics questioning if proper assessments were conducted on SVB UK’s clientele.
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