HSBC Chairman Mark Tucker confirms no spin-off of Asian business due to shareholder sentiment.
HSBC Chairman Mark Tucker has reaffirmed that the bank will not spin off its Asian business, as there is no appetite among shareholders. Last year, HSBC defeated a resolution backed by major investor Ping An to potentially spin off the profitable Asia business. The bank reported a 78% increase in 2023 pretax profit to $30.3 billion, but missed a consensus estimate due to a $3 billion impairment on its stake in China's Bank of Communications.
April 03, 2024
3 Articles