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HSBC’s top executives stood up for their business strategy on Monday during a shareholder meeting in Hong Kong. Europe’s largest bank faced calls for a split, however, Chairman Mark Tucker and CEO Noel Quinn reiterated their stance against it. Having reviewed options for restructuring the bank, they defended their decision on retaining its current strategy as it generates profits, benefiting the shareholders.
HSBC’s Asian business separation has been a point of contention, but the management assured that the bank as a whole is performing well with no dragging down of profits from any region. Despite shareholders’ displeasure over the 2020 dividend cancellation, HSBC continues to grapple with the demand for separating its activities in Asia.
As an advocate for the spinoff of HSBC’s Asian business, Christine Fong, and activist shareholder Ken Lui voiced their concerns. While 75% of votes are needed in the upcoming general meeting in May, the shareholder pressure includes Ping An, China’s largest insurer, also backing a reevaluation of HSBC’s structure to improve performance.
HSBC’s recent acquisition of SVB UK came under scrutiny for due diligence concerns by critics. However, Tucker and Quinn defended the purchase, branding it as a valuable business opportunity to expand their client base to include numerous innovative startups. Despite recent industry upheavals, Tucker reassured shareholders of HSBC’s stability in the face of uncertain times.
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