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HSBC’s top brass recently defended their strategy during an informal shareholder meeting in Hong Kong, their largest market. The meeting involved Chairman Mark Tucker and CEO Noel Quinn fielding questions from investors about the bank’s strategy and recent moves, including the acquisition of Silicon Valley Bank’s UK arm.
The board’s recommendation was to vote against a resolution at the upcoming annual general meeting that called for a reorganization of the Asian business, citing that it would not be in the shareholders’ best interest to split the bank. Tucker highlighted the board’s decision that restructuring alternatives could erode shareholder value, including dividends.
Addressing concerns about separating the Asian business, Quinn emphasized that the overall group performance had improved and no longer relied on cross-border transactions. Despite past disappointments like the dividend cancellation in 2020, HSBC has made efforts to restore shareholder trust.
With pressure from shareholders mounting for a spinoff of the Asian business, stakeholders like Christine Fong and activist Ken Lui have voiced their support for the proposal. Ping An, a significant HSBC shareholder, has also endorsed reconsidering the bank’s structure to enhance value and performance.
As HSBC navigates challenges like the recent acquisition of SVB UK and wider industry uncertainties, their leadership remains confident in the bank’s stability and long-term outlook.
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