HSBC's chairman says Asia business spin-off 'will not happen'

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HONG KONG: HSBC Chairman Mark Tucker told the bank's shareholders in Hong Kong on Wednesday (Apr 3) 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.

Mark Tucker, Chairman HSBC Holdings PLC, attends the HSBC informal meeting of shareholders, in Hong Kong, China August 2, 2022. REUTERS/Tyrone Siu/File PhotoHONG KONG: HSBC Chairman Mark Tucker told the bank's shareholders in Hong Kong on Wednesday a spin-off of its Asian business will not happen.

HSBC 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. The bank in February reported its 2023 pretax profit jumped 78 per cent to US$30.3 billion, but still missed a consensus estimate of US$34.1 billion, largely due to a $3 billion impairment on its stake in China's Bank of Communications.

 

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