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HSBC’s top executives faced shareholders on Monday, defending the strategy of the lender in its largest market. Europe’s biggest bank received calls for a split, but Chairman Mark Tucker and CEO Noel Quinn stood firm on their decision not to split the Asian business, the bank’s top profit earner.
The board reiterated its recommendation to vote against a resolution that would force the bank to reorganize its Asian business. Tucker stated that it’s not in the shareholders’ best interest to split the bank as it would destroy shareholder value.
Quinn assured shareholders in Hong Kong that the profits in both Hong Kong and the UK are on an upward trajectory. Shareholders expressed concerns about the cancellation of dividends in 2020 but are now pushing for the bank to spin off its Asian business.
HSBC has come under pressure from activist shareholders to reconsider its structure, with Ping An, its largest shareholder, backing calls for the bank to explore a reorganization. The insurer believes a spinoff of the Asian business could boost stock performance and simplify regulatory obligations.
Despite scrutiny over the recent purchase of SVB UK, HSBC defended the acquisition, insisting it was a good opportunity to acquire innovative startups as customers. Tucker believes the recent banking industry upheavals will not have an immediate impact on HSBC and does not pose a systemic risk to the sector.
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