HSBC shareholders vote on spinoff proposal

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Global Courant 2023-05-05 10:39:44

Noel Quinn, chief executive officer of HSBC Holdings Plc, right, Mark Tucker, chairman, center, and Peter Wong, deputy chairman, at the bank’s shareholders’ meeting in Hong Kong, China, Monday, April 3, 2023. The senior executives of HSBC faced are Hong Kong shareholders, from retirees to taxi drivers, as the lender tries to fend off an attempt in Asia to split the bank. Photographer: Paul Yeung/Bloomberg via Getty Images

Bloomberg | Bloomberg | Getty Images

HSBC Shareholders will vote on proposals at the bank’s annual meeting on Friday, including whether or not to split off its Asian operations.

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However, HSBC CEO Noel Quinn pushed back on Lui’s resolutions. He previously told CNBC on April 14 that he doesn’t believe fixed dividends are “sensible corporate governance and prudent capital management for a bank.” He said a dividend payout ratio is more balanced and “is the model of the industry”.

Last month, HSBC said divesting its Asian business “would result in material loss of value to HSBC shareholders.”

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