HSBC spinoff: Bank’s top execs face tense shareholders in Hong Kong calling for a breakup

Hong Kong
Cnn
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HSBC’s best rice, Europe’s largest bank, continues to encounter calls to be divided, the loan’s largest market in the largest market of the disappointed shareholders defended their strategies.

At an informal shareholder meeting in Hong Kong, President Mark Tucker and CEO Noel Quinn received questions from investors on changing issues about how the bank approached Requests of Work Requests Silicon Valley Bank’s British arm.

In the statements prepared, Tucker and Quinn reiterated the Board’s proposal to vote against Docte for the annual general meeting of the shareholders in May, which forced the bank to find the Bank’s main source of profit, the main source of profit of the Asian business.

Tucker said that the Board was clearly stated against the decision against the decision: “It will not be in your best interest to divide the bank.”

The authority said that the Board has previously reviewed a series of options to restructure the bank and concluded that such alternatives will “destroy value financially for shareholders, including dividends.”

“Our strategy is working,” Tucker said to more than 1,000 shareholders. “Our current strategy to increase dividends.”

HSBC faces calls to separate Asia from the rest of the bank during the last year.

HSBC claims that the performance of the Laondra-centered lender of Hong Kong, where many retail investors ‘portfolio is the basis of the investors’ portfolio, is dragged by him. Businesses in other regions.

Quinn discussed these complaints on Monday and said, “Our wife in Hong Kong and the UK is no longer dragged with low performance elsewhere. The group performs well as a whole.”

Later, Quinn, who pressureed it by a shareholder, said that the disintegration of the bank would result in “important income loss” because most of his work was based on cross -border transactions.

Investors are also not satisfied with the HSBC’s dividend in 2020 upon the request of British regulators. If the lender, if it takes their activities in Asia under the cordon, they no longer have to expose Hong Kong shareholders to demands in other judicial regions.

Christine Fun, a member of a regional council in Hong Kong, said that he represented about 500 small shareholders affected by the cancellation of dividends.

Foy told CNN, “Street hawks, taxi drivers or teachers – all mortgage, insurance payments, school fees, such as relying on dividends to pay regular expenses,” he said.

“So three years ago, what HSBC upsets these small minority shareholders.”

Fung has now joined the calls for voting in favor of the bank’s proposal to overthrow the Asian business, although the shareholders brought back their dividends in 2021, albeit at a lower level.

Ken Lui, an activist shareholder who brought together the decision in Hong Kong, doubled in his call for support before the meeting on Monday.

The decision would require 75% of the votes in May, but in a statement to journalists other than the meeting place, “Nothing is impossible,” he said.

Lui said that he kept a share of 100 million Hong Kong dollars ($ 12.7 million) and organized plans for his team to focus on the social aids targeted to the targeted social assistances for institutional shareholders to submit our case and get their support.

The group also said that Hong Kong’s 18 regions were “HSBC shareholders finally speaking for themselves and protecting their rights through voting”.

HSBC also faces the pressure of the largest shareholder.

Ping moment

(PNGAY)China’s largest insurance company, HSBC, has 8% shares and supported calls to rethink the bank’s structure.

A series notes “We will support any attempt, including a suitable Spinoff to increase the performance and value of HSBC,” said Huang Yong, the head of the Asset Management of Ping An, which was opened to the public by the Chinese company last November.

Since then, the insurance giant’s views have not changed according to a person familiar with the issue.

The source told CNN to call Ping An discovering a reorganization of HSBC to increase its valuation and simplify its regulatory obligations in the world.

The insurer has not proposed a specific way, but it will support any attempt that can increase stock performance or value, including a spinoffu of Asian business. Ping An immediately did not respond to the request for a comment on how to vote at the upcoming general meeting.

HSBC leaders asked Monfday to collect the British SVB unit following the striking collapse of the Bank’s parent in the United States. The purchase was made only for £ 1 ($ 1.20) last month only days after the SVB folding.

Critics questioned the HSBC’s ability to make sufficient detection on SVB UK customers because the agreement came together.

“Did HSBC look at SVB customers in detail? Will they pay back the loan?” said fungi.

Quinn and Tucker advocated the purchase and called the bank as a good business opportunity that allows the bank to gain hundreds of innovative initiatives. They pushed back the idea that the management had no time to perform appropriate determination.

Tucker also hosted recently in the banking industry, saying that he did not expect a “emergency effect üzerinde on the HSBC.

“After the collapse of a number of smaller regional banks and the capture of Credit Suisse, all banks’ share prices were suppressed,” he said.

However, he said he did not believe that such developments represent a “systemic risk” to the sector. “I am waiting for an uncertainty period before the nerves settled.