HSBC’s top brass defended their strategy Monday to frustrated shareholders in the lender’s largest market, as Europe’s biggest bank continued to face calls to be split up. At an informal shareholder meeting in Hong Kong, Chairman Mark Tucker and CEO Noel Quinn took questions from investors on issues ranging from how the bank was approaching demands for an overhaul of its business to its purchase of Silicon Valley Bank’s UK arm.
Ken Lui, an activist shareholder in Hong Kong who put the resolution together, doubled down on his call for support ahead of the meeting Monday. The resolution will require 75% of votes to be passed in May, but “nothing is impossible,” he told reporters outside the meeting venue. Lui, who said he personally held a stake worth 100 million Hong Kong dollars , laid out plans for his team to focus on “targeted outreach to institutional shareholders to present our case and gain their support.
HSBC can offer to spin off Asia in 99 years. Just like Hong Kong had to wait for British rule to end.
Corruption getting tence
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