HSBC's chairman says Asia business spin-off 'will not happen'
Reuters
Published Apr 03, 2024 10:29
Updated Apr 03, 2024 20:17
HONG KONG (Reuters) -HSBC Chairman Mark Tucker told the bank's shareholders in Hong Kong on Wednesday a spin-off of its Asian business will not happen.
"There is no appetite amongst our shareholder base, as demonstrated by last year's AGM results, to vote for a spinoff. That will not happen," Tucker said at the meeting in response to a shareholder's question.
HSBC (LON:HSBA) defeated a resolution last year from Hong Kong-based shareholders and backed by major investor Ping An to potentially spin-off its lucrative Asia business.
At the time, the company said the majority of its institutional and retail investor base backed the board and the structure of the bank.
The bank in February reported its 2023 pretax profit jumped 78% to $30.3 billion, but still missed a consensus estimate of $34.1 billion, largely due to a $3 billion impairment on its stake in China's Bank of Communications.
HSBC had also announced a new $2 billion buyback, an annual dividend of $0.61 per share and the intention to pay a special dividend of $0.21 per share once it completes the sale of its Canada business.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.