HSBC Chairman: No Spinoff of Asian Business

📆 3/4/2567 19:16:00
📰 globebusiness

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HSBC,Chairman,Spinoff

HSBC Chairman Mark Tucker announced that a spinoff of the bank's Asian business will not occur, as there is no shareholder support. The bank reported a significant increase in pre-tax profit for 2023, but fell short of estimates due to an impairment on its stake in China's Bank of Communications.

HSBC Chairman Mark Tucker stated that a spinoff of the bank's Asian business will not happen, as there is no appetite among shareholders. Last year, a resolution to potentially spinoff the Asia business was defeated.

HSBC reported a 78% increase in pre-tax profit for 2023, but still missed estimates due to a $3 billion impairment on its stake in China's Bank of Communications.

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