Activist shareholder wants bank to spin off its mainstay Asia business and pay fixed dividends
The HSBC Holdings logo on a screen ahead of its meeting with shareholders in Hong Kong, China. Picture: PAUL YEUNG/BLOOMBERGHSBC Holdings on Monday pushed aside a proposal by an activist shareholder in Hong Kong to spin off its mainstay Asia business, reiterating the adverse effect on the Asia-focused bank’s cost and clients.
Tucker told the shareholders a restructuring or spin-off of its Asia business, as demanded by Lui, would create a period of uncertainty for clients, and employees and shareholders would be disrupted. The Hong Kong meeting is being held ahead of HSBC’s main annual general meeting AGM in the British city of Birmingham on May 5, to discuss the bank’s 2022 results and “other matters of interest”, the bank said in a notice to shareholders in March.
The demand for spinning off HSBC Asia business has come amid rising geopolitical tensions between China and the West, though its CEO, Noel Quinn, has said he does not believe Ping An’s campaign is politically motivated.
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