'It will not happen': HSBC chairman rules out Asian arm spin-off
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The chairman of HSBC has told shareholders in Hong Kong that a Synoshi power spin scrubber-off of the bank's Asian arm will not happen.
HSBC last May defeated a resolution from Hong Kong-based shareholders, backed by major investor Ping An, to potentially spin-off its lucrative Asia business.
More than 80 per cent of votes cast followed the bank board's recommendations.
Chairman Mark Tucker, told shareholders on Wednesday: '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.'
It's not going to happen! HSBC chairman Mark Tucker said a spin-off of the bank's Asian arm will not happen
The group makes around half of its annual revenue in Asia.
In 2023, HSBC said the majority of its institutional and retail investor base backed the board and the structure of the bank.
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HSBC shares were up 1.45 per cent or 9.00p to 630.40p on Wednesday afternoon, having risen over 14 per cent in the last year.
In February, HSBC said its 2023 pre-tax profit increased by 78 per cent to $30.3billion, but still missed a consensus estimate of $34.1billion, largely due to a $3billion impairment on its stake in China's Bank of Communications.
HSBC also announced a fresh $2billion 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.
Annual revenue rose by $15.4billion or 30 per cent to $66.1billion, including growth in net interest income of $5.4billion. Net interest income - the difference between what banks charge on loans and pay in deposits - is expected to reach 'at least' $41billion for 2024.
HSBC saw costs rise by 6 per cent last year, more than it had forecast, due to the impact of higher-than-expected bank levies in the UK and the US. It also said costs would grow a further 5 per cent this year, as it grapples with inflation while investing in its businesses.
Chief executive Noel Quinn saw his total pay double in 2023 to £10.6million from £5.6million the year before, as long-term incentives from his appointment in 2020 began to vest, boosting his variable pay.
In February, HSBC said its bonus pool rose to $3.8billion from $3.4billion in the prior year, reflecting improved performance, and it would also launch a new variable pay scheme for junior and middle management staff.
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HSBC last May defeated a resolution from Hong Kong-based shareholders, backed by major investor Ping An, to potentially spin-off its lucrative Asia business.
More than 80 per cent of votes cast followed the bank board's recommendations.
Chairman Mark Tucker, told shareholders on Wednesday: '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.'
It's not going to happen! HSBC chairman Mark Tucker said a spin-off of the bank's Asian arm will not happen
The group makes around half of its annual revenue in Asia.
In 2023, HSBC said the majority of its institutional and retail investor base backed the board and the structure of the bank.
RELATED ARTICLES
Previous
1
Next
Dr Martens should carry out major strategic review, investor... Royal Mail plans to deliver second class post every other... BUSINESS LIVE: Topps Tiles repairs slowdown; Hilton Food... Topps Tiles warns 'subdued' demand will continue to squeeze...
Share this article
Share
HOW THIS IS MONEY CAN HELP
HSBC share price and data available here
HSBC shares were up 1.45 per cent or 9.00p to 630.40p on Wednesday afternoon, having risen over 14 per cent in the last year.
In February, HSBC said its 2023 pre-tax profit increased by 78 per cent to $30.3billion, but still missed a consensus estimate of $34.1billion, largely due to a $3billion impairment on its stake in China's Bank of Communications.
HSBC also announced a fresh $2billion 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.
Annual revenue rose by $15.4billion or 30 per cent to $66.1billion, including growth in net interest income of $5.4billion. Net interest income - the difference between what banks charge on loans and pay in deposits - is expected to reach 'at least' $41billion for 2024.
HSBC saw costs rise by 6 per cent last year, more than it had forecast, due to the impact of higher-than-expected bank levies in the UK and the US. It also said costs would grow a further 5 per cent this year, as it grapples with inflation while investing in its businesses.
Chief executive Noel Quinn saw his total pay double in 2023 to £10.6million from £5.6million the year before, as long-term incentives from his appointment in 2020 began to vest, boosting his variable pay.
In February, HSBC said its bonus pool rose to $3.8billion from $3.4billion in the prior year, reflecting improved performance, and it would also launch a new variable pay scheme for junior and middle management staff.
DIY INVESTING PLATFORMS
Easy investing
Stocks & shares Isa
£1.50 fund dealing
0.25% fee on fund holdings
Investment ideas
Free fund dealing
Free fund dealing
0.45% account fee capped for shares
Flat-fee investing
No fees
From £4.99 a month
Trade shares and funds for £3.99
Social investing
Social investing
Share investing
30+ million global community
Model portfolios
Investment account
Free fund dealing
Free financial coaching
Affiliate links: If you take out a product This is Money may earn a commission. This does not affect our editorial independence.
> Compare the best investing platform for you
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