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HSBC’s top brass defended their strategy on Monday to frustrated shareholders in the lender’s largest market, with a call to be split up still looming. In an informal meeting in Hong Kong, Chairman Mark Tucker and CEO Noel Quinn responded to investor’s questions amid concerns about reshaping the bank and purchasing Silicon Valley Bank’s UK arm. Tucker and Quinn reiterated opposition to a resolution that suggests spinning off or reorganizing the bank’s profitable Asian business at the upcoming annual general meeting in May.
Tucker emphasized that a split would not be beneficial to shareholders and could destroy value, including dividends. He assured shareholders that HSBC’s strategy is working and moving dividends up. Despite the pressure to separate its Asian business, Quinn defended the bank’s performance in both Hong Kong and the UK, contradicting claims of underperformance.
Small shareholders, like Christine Fong, impacted by the dividend cancellation, are pressing for a split off the Asian business. They argue that it would protect Hong Kong shareholders from requests in other regions. Ken Lui, an activist shareholder, aims to garner support for the proposed bank splitoff.
Additionally, Ping An, HSBC’s biggest shareholder, has supported calls for a structure rethink, aiming to boost the bank’s performance and value. While HSBC executives were questioned about the recent acquisition of SVB UK, Tucker and Quinn defended it as a lucrative opportunity for gaining innovative startups.
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