HSBC Holdings PLC on Monday pushed aside a proposal by an activist shareholder in Hong Kong to spin off its mainstay Asia business, reiterating the adverse impact on the Asia-focussed bank's cost and clients.
HSBC has in recent months pushed back on Ping An's proposal, a move Europe's biggest bank by assets has said would be costly, while posting profits that beat expectations and promising chunkier dividends.
On Lui's demand for higher dividends, Quinn told the Hong Kong shareholders that the London-headquartered bank intended to get the payouts back to pre-COVID level as soon as possible.Lui, who attended the Monday meeting wearing a ribbon with spinoff slogan on it, said he believes there are no reasons for the bank's shareholders to vote against the two proposals.
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