(modern). offers FT membership to read for free. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Our free, fast, and fun briefing on the global economy, delivered every weekday morning. The high-profile US fund management firm, Knight Vinke Asset Management, was behind a successful campaign at oil giant Shell three years ago and now says it intends "to engage in a constructive dialogue" with the HSBC board and other institutional shareholders in the bank over its "future direction and governance". Hundreds of retail investors in Hong Kong - HSBC's biggest market - were particularly upset when it scrapped its dividend in 2020 during the COVID-19 pandemic. The insurance companywhich owns about 8% of HSBChas said it is in favor of restructuring the banks Asia operations, which are considered the most profitable part of the bank. cookies His firm tends to take only small stakes in its target companies. Lui said retail investors are still dissatisfied with payouts after HSBC resumed dividend distributions, as they are lower than pre-pandemic levels and are not issued regularly. an Account, Activate A second proposed resolution calls on HSBC to restore pre-COVID-19 dividend levels equivalent to at least 51 cents per share annually, up from the 32 cents it paid out in 2022. For a full comparison of Standard and Premium Digital, click here. "We feel it's the right thing to do by allowing all shareholders to vote on such critical issues rather than keeping it away from the voting process," Lui told Reuters. An HSBC Holdings Plc shareholder in Hong Kong is lobbying institutional shareholders to vote in favor of a proposal to restructure the lender's . A source has said Ping An was of the view that HSBC was overstating the risks of a potential spinoff, and such a step would generate an extra $25 billion to $35 billion in market value.read more. So far, there have been no institutional shareholders who have backed Ping An's call, at least publicly, to break up HSBC. Ping An(601318.SS)is HSBC Holdings Plc's largest shareholder with an 8.3% stake worth around $10.3 billion, according to Refinitiv data. "It is a significant investment and we've invested in it for seven years," Jessica Tan, Ping An's co-chief executive, told Reuters on Wednesday, when asked about the drivers behind the insurer, which sources have said, is urging HSBC to consider a spinoff. HKD. News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. organisation HSBC HSBA soundly defeated a bid to break-up the bank and spin-out its lucrative Asian business at its annual investor meeting in Birmingham in England on Friday, but still faced a rebellion against its board and pay for top bosses.. Europe's biggest bank had faced proposals submitted by Hong Kong-based individual investor Ken Lui and backed by its biggest Asian shareholder Ping An to consider . Keep abreast of significant corporate, financial and political developments around the world. HONG KONG, Aug 24 (Reuters) - China's Ping An Insurance Group said it supported calls to restructure HSBC (HSBA.L), which could include a spinoff of its Asia business, saying it cared about. Co-CEO Tan said Ping An would back any proposals by investors that "support long-term value improvements" at HSBC. According to the report, the bank tripled its profits to $12.9 billion, a massive increase over the $4.2 billion reported last quarter. "It is a significant investment and we've invested in it for seven years," Jessica Tan, Ping An's co-chief executive, told Reuters on Wednesday, when asked about the drivers behind the insurer, which sources have said, is urging HSBC to consider a spinoff. Ken Lui, leader of the "Spin Off HSBC Asia Concern Group," has hired Alliance Advisors, a firm specializing in shareholder engagement to help in identifying and contacting HSBC investors. Ken Lui, an individual HSBC shareholder and leader of a Hong Kong-based investor group calling for a break up of the bank, is one of at least 100 retail investors calling for such a vote, a letter sent to HSBC on Feb. 20 and reviewed by Reuters shows. A lack of a clear rationale and challenges to get other shareholders on board is preventing Ping An's proposal from being considered seriously by the market, said one Hong Kong-based financial analyst. Lui says that this restructuring would unlock value, increase the banks dividends, and add more than 40% to the share price. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. U.S. Treasury Undersecretary Jay Shambaugh met on Friday with China's new ambassador to the United States, Xie Feng, holding a discussion aimed at maintaining open communications between the world's two largest economies, the Treasury said. Stay informed and spot emerging risks and opportunities with independent global reporting, expert (Reporting by Selena Li in Hong Kong and Sinead Cruise in London; Additional reporting by Lawrence White; Editing by Alexander Smith). Premium access for businesses and educational institutions. According to HSBC's Articles of Association, shareholders wishing to direct the board on strategy must do so via a special resolution, in line with normal corporate practice, a source familiar with the matter told Reuters. Our Standards: The Thomson Reuters Trust Principles. "It is a significant investment and we've invested in it for seven years," Jessica Tan, Ping An's co-chief executive, told Reuters on Wednesday, when asked about the drivers behind the insurer, which sources have said, is urging HSBC to consider a spinoff. A lack of a clear rationale and challenges to get other shareholders on board is preventing Ping An's proposal from being considered seriously by the market, said one Hong Kong-based financial analyst. You can still enjoy your subscription until the end of your current billing period. "We are supportive of the current structure and would prefer management to concentrate on maximising return on equity now that interests rates have moved up, rather than breaking up the group," one of the bank's 20 largest investors told Reuters. and other data for a number of reasons, such as keeping FT Sites reliable and secure, HSBC did not have an immediate comment in response to Tan's remarks. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. or HSBC announced its first quarterly dividend since 2019 Tuesday and buybacks of up to $2 billion. ", Original reporting and incisive analysis, direct from the Guardian every morning, 2023 Guardian News & Media Limited or its affiliated companies. ", He added: "At this early stage we would be cautious about the scale of positive share price reaction but the fact of Vinke's interest in the group we view as a positive development that could lead to a greater debate as to the intrinsic value of the company. HSBCs strong first quarter will take some of the heat out of top shareholder Ping Ans activist campaignbut not all. read more, Earlier this month, HSBC's chairman and CEO were grilled for more than an hour on its strategy for dividends and growth during a shareholder meeting in Hong Kong that was attended by hundreds of its retail shareholders. "We care much about long-term returns," Tan said. However, the activist shareholder said he has "not engaged with Ping An at all". Ping An is HSBC Holdings Plc's largest shareholder with an 8.3% stake worth around $10.3 billion, according to Refinitiv data. First Citizens Bank. commentary and analysis you can trust. analyse how our Sites are used. university Sie knnen Ihre Einstellungen jederzeit ndern, indem Sie auf unseren Websites und Apps auf den Link Datenschutz- und Cookie-Einstellungen oder Datenschutz-Dashboard klicken. 5 min read HSBC unveils Asia plan amid activist investor's challenge. Premium access for businesses and educational institutions. We're a financial services organisation that serves more than . "We care much about long-term returns," Tan said. We support credit card, debit card and PayPal payments. We support credit card, debit card and PayPal payments. Nous, Yahoo, faisons partie de la famille de marques Yahoo. The stand-off with Ping An highlights the challenges facing the British bank, as it seeks to navigate geopolitical tensions between the United States, Britain and China amid criticism from lawmakers in the West over the bank's activities in Hong Kong. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. HSBC's shares dipped 1%. For a full comparison of Standard and Premium Digital, click here. Higher profitability improves the outlook for cash returns, which could lure investors back to unloved European banks. Check if your Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. HONG KONG/LONDON, March 1 (Reuters) - HSBC's most vocal minority investors are demanding a vote at the global lender's 2023 shareholder meeting in May on whether it should devise a formal plan to boost returns by spinning off its lucrative Asian business. HONG KONG (Reuters) -HSBC Holdings PLC on Monday pushed aside a proposal by an activist shareholder in Hong Kong to spin off its mainstay Asia business, reiterating the adverse impact on the. Distribution and use of this material are governed by Standard Digital includes access to a wealth of global news, analysis and expert opinion. "As a unit of long-term cooperation, we hope it will do better and better. The UK's Companies Act stipulates a company is required to give notice of a resolution once it has received requests from at least 100 investors who have a right to vote at the AGM. In a statement released late last night, Knight Vinke said its letter to the HSBC board requested that it undertake "a fundamental review of the group's strategy in consultation with shareholders". Premium Digital includes access to our premier business column, Lex, as well as 15 curated newsletters covering key business themes with original, in-depth reporting. Lui told Reuters that HSBC has requested both proposals to be submitted as 'special' resolutions, which he said shows the lender is "very worried" that the proposal will be passed. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Refining Ping An in November urged HSBC to lower costs by cutting jobs and disposing of peripheral non-Asian businesses. Ping An (601318.SS) is HSBC Holdings Plc's largest shareholder with an 8.3% stake worth around $10.3 billion, according to Refinitiv data. What happens in the future depends on HSBC, and we support it in all its efforts," Deng added. HONG KONG, Aug 24 (Reuters) - China's Ping An Insurance Group said it supported calls to restructure HSBC , which could include a spinoff of its Asia business, saying it cared about investment returns from its large stake in the bank but was not an activist investor. "As a unit of long-term cooperation, we hope it will do better and better. Noel Quinn, HSBCs CEO, told Bloomberg TV that the banks financial results demonstrate that restructuring isnt needed. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Helen Thomas October 17 2007 Receive free California State Teachers' Retirement System updates We'll send you a myFT Daily Digest email rounding up the latest California State Teachers' Retirement. an HSBC shareholder. Expert insights, analysis and smart data help you cut through the noise to spot trends, Simply log into Settings & Account and select "Cancel" on the right-hand side. HSBC did not have an immediate comment in response to Tan's remarks. Knight Vinke is headed by New York-based investor Eric Knight, a former investment banker. The employers of more than 22,000 dock workers at U.S. West Coast seaports on Friday said the union representing those laborers "is staging concerted and disruptive work actions" that have shut down some terminal operations at major gateways. A growing contingent of shareholders, according to activist investor Ken Lui, have advocated for a split from the banks business in Asia. HONG KONG, Aug 24 (Reuters) - China's Ping An Insurance Group said it supported calls to restructure HSBC (HSBA.L), which could include a spinoff of its Asia business, saying it cared about investment returns from its large stake in the bank but was not an activist investor. Robert Sage at Bear Stearns said the HSBC management could come under fire, including the size of the board and the elevation of previous chief executive Steven Green to be full-time executive chairman, but that recent strategy pronouncements "all seem to be potentially value accretive and in line with general shareholders' wishes. It is thought to hold significantly less than 1% of HSBC, which is the fourth-largest bank in the world. Everyone has the right to completely log off: what bosses think about the right to disconnect, Wellcome Leaps Regina Dugan: Odds are irrelevant, if what youre trying to do is important, Sci-fi writer Ted Chiang: The machines we have now are not conscious, The laid-back charm of octogenarian style, Porsche, Bentley, Armani: Why Miami cant build enough branded high rises, The UKs best bakeries: the readers picks. Lui's move comes days after HSBC reported a 92% surge in quarterly profit and pledged more regular dividends and share buybacks to win favour among disgruntled investors. HONG KONG (Reuters) -China's Ping An Insurance Group said it supported calls to restructure HSBC, which could include a spinoff of its Asia business, saying it cared about investment returns from its large stake in the bank but was not an activist investor. Check if your HSBC's strong first quarter will take some of the heat out of top shareholder Ping An's activist campaignbut not all. HSBC Activist Investor Lobbies Shareholders Ahead of Meeting - Bloomberg Markets HSBC Activist Investor Lobbies Shareholders Ahead of Meeting Shareholders due to vote at meeting in Birmingham. Try full digital access and see why over 1 million readers subscribe to the FT, Purchase a Trial subscription for 1 for 4 weeks, You will be billed 65 per month after the trial ends, US Senate passes bill to end debt ceiling stand-off and avoid default, CIA chief made secret trip to China in bid to thaw relations, Stream and Torch: the Gazprom-backed militias fighting in Ukraine, Russian concerns on Ukraine must be taken into account, says Brazil, Earth past its safe limits for humans, scientists say, Everyone will get affected: Tesla jolts EV charging industry, AI will create more losers than winners even as Nvidia soars, Australias biggest pension fund freezes new business with PwC over tax scandal, Saudi Arabia expands lithium processing to supply BMW, Veteran UK stockpicker Richard Buxton bows out of Jupiter, Live news: Vix hits pre-pandemic low as debt ceiling relief quashes volatility, Rocket Internet backs away from start-up investing in tech downturn, UKs pension lifeboat fund slashes equity allocation, Binance loses market share after regulatory clampdown, Apples mixed reality headset is a hedge against disruption, Why Wall Street is trying to shake up the 2024 race. A lack of a clear rationale and challenges to get other shareholders on board is preventing Ping An's proposal from being considered seriously by the market, said one Hong Kong-based financial analyst. -1.30 -2.57%. The London-headquartered bank, which makes the bulk of its sales and profit in Asia, came under pressure from Ping An in April to explore options including listing its Asia business to increase shareholder returns. Any changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel. Co-CEO Tan said Ping An would back any proposals by investors that "support long-term value improvements" at HSBC. Investors were . HSBCs largest investor, Ping An Insurance, has aligned itself with Lui, publicly supporting the resolution. analyse how our Sites are used. For non-personal use or to order multiple copies, please contact The firm is now asking institutional shareholders to make contact to if they "wish to share their views with us". our Subscriber Agreement and by copyright law. Try full digital access and see why over 1 million readers subscribe to the FT, Purchase a Trial subscription for S$1 for 4 weeks, You will be billed S$95 per month after the trial ends, US Senate passes bill to end debt ceiling stand-off and avoid default, CIA chief made secret trip to China in bid to thaw relations, Stream and Torch: the Gazprom-backed militias fighting in Ukraine, Russian concerns on Ukraine must be taken into account, says Brazil, Earth past its safe limits for humans, scientists say, Everyone will get affected: Tesla jolts EV charging industry, AI will create more losers than winners even as Nvidia soars, Australias biggest pension fund freezes new business with PwC over tax scandal, Saudi Arabia expands lithium processing to supply BMW, Veteran UK stockpicker Richard Buxton bows out of Jupiter, Live news: Vix hits pre-pandemic low as debt ceiling relief quashes volatility, Rocket Internet backs away from start-up investing in tech downturn, UKs pension lifeboat fund slashes equity allocation, Binance loses market share after regulatory clampdown, Apples mixed reality headset is a hedge against disruption, Why Wall Street is trying to shake up the 2024 race. It is necessary for HSBC to push for structural reform to fundamentally address HSBCs underlying market competitiveness issues, improve performance, enhance value, and accelerate growth opportunities in Asia, a spokesperson for Ping An said in a press release. A source has said Ping An was of the view that HSBC was overstating the risks of a potential spinoff, and such a step would generate an extra $25 billion to $35 billion in market value.. dvelopper et amliorer nos produits et services. (Bloomberg) -- An HSBC Holdings Plc shareholder in Hong Kong is lobbying institutional shareholders to vote in favor of a proposal to restructure the lender's business at its annual general. (Reporting by Selena Li; Editing by Anshuman Daga, Muralikumar Anantharaman and Jonathan Oatis). HSBC's other institutional shareholders, particularly in Britain, have so far shown little appetite for a break-up. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for S$95 per month. HSBC Activist Investor Lobbies Shareholders Ahead of Meeting. Paul Measday at Cazenove said that, given the long-term underperformance of the shares, it is "possible" that an activist investor could garner some support. offers FT membership to read for free. Eric Knight, a New York . The deal cost the bank just 1 ($1.26). our investors, our communities and the planet we all share. HSBC's shares dipped 1%. The Chinese insurer's holdings in HSBC took a hit from the bank's weak performance in recent years. lure investors back to unloved European banks. Opening up a world of opportunity for our customers, investors, ourselves and the planet. An HSBC Holdings Plc shareholder in Hong Kong is lobbying institutional shareholders to vote in favor of a proposal to restructure the . Weitere Informationen darber, wie wir Ihre personenbezogenen Daten nutzen, finden Sie in unserer Datenschutzerklrung und unserer Cookie-Richtlinie. . The Anglo-Asian bank reported better-than-expected quarterly revenues . We use HSBC has said a break-up would mean a potential long-term hit to the bank's credit rating, tax bill and operating costs, and bring immediate risks in executing any spinoff or merger. You may change or cancel your subscription or trial at any time online. Premium Digital includes access to our premier business column, Lex, as well as 15 curated newsletters covering key business themes with original, in-depth reporting. A spokesman for HSBC said this morning the group "has a clear and well-understood strategy that we believe is already delivering results.". and Scrap, Open We have said all along that we believed the fastest and safest way to get increased valuation, increased profit, increased dividends, is by focusing on the current strategy, Quinn said on Tuesday (May 2). So far, there have been no institutional shareholders who have backed Ping An's call, at least publicly, to break up HSBC. Specifically, the investors will vote on Resolution 17, which would implement a quarterly strategy review of structural reforms aimed at the banks Asia business, which would include its spinoff and strategic reorganization and restructuring.. "As a unit of long-term cooperation, we hope it will do better and better. The remarks show that the Chinese company does not intend to relent on its stance despite the lender's recent pushback against a break-up move. US Treasury official meets with China's new ambassador in Washington, UPDATE 1-US Treasury official meets with China's new ambassador in Washington, UPDATE 1-Public Utility Commission of Texas Chairman Peter Lake resigns, UPDATE 1-Biden to laud 'crisis averted' from debt ceiling deal in first Oval Office address, Horse racing-Churchill Downs to suspend racing amid safety review. The London-headquartered bank, which makes the bulk of its sales and profit in Asia, came under pressure from Ping An in April to explore options including listing its Asia business to increase shareholder returns.read more, Earlier this month, HSBC's chairman and CEO were grilled for more than an hour on its strategy for dividends and growth during a shareholder meeting in Hong Kong that was attended by hundreds of its retail shareholders.read more. Norway's $1.4 trillion wealth fund, the world's single largest stock market investor, said on Friday it would vote against CEOs at Chevron and ExxonMobil and against management on emissions . If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. This copy is for your personal, non-commercial use only. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Klicken Sie auf Alle ablehnen, wenn Sie nicht mchten, dass wir und unsere Partner Cookies und personenbezogene Daten fr diese zustzlichen Zwecke verwenden. "The shareholders will need to demonstrate that the requisition is valid before it can be formally accepted," a spokesperson for HSBC said. HSBC activist shareholder demands AGM vote on Asia business spin-off. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. HSBC shares had moved higher first thing but were trading 2.5p lower at 885p by mid-morning as analysts said there might be limited support among shareholders for Knight Vinke's campaign. Knight Vinke has the backing of Calpers, the powerful Californian state pension fund. See here for a complete list of exchanges and delays. The remarks show that the Chinese company does not intend to relent on its stance despite the lender's recent pushback against a break-up move. HSBC's Hong Kong shares have fallen by 42% from their five-year peak in 2018, with a suspension in dividend payment two years ago dragging on Ping An's investment income. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. In some markets around the world, we offer tailored placements such as work experience and apprenticeships to help school, college and university students gain practical, hands-on experience in financial services and build the skills needed for a successful career in banking. cookies Knight Vinke, the investor seeking to force strategic change at Europe's biggest bank HSBC <HSBA.L>, said on Wednesday it has been contacted by half the bank's top 20 investors after it raised its . For cost savings, you can change your plan at any time online in the Settings & Account section. Save. HSBC has advised shareholders to vote against both resolutions. read more . HSBC Holdings Plc has told investors to vote against a proposal by an activist shareholder in Hong Kong to overhaul the company's structure and spin off its Asian business . or Photo: Lam Yik/Reuters HSBC ( HSBA.L) HSBC has unveiled plans to bolster revenues in its. Will ChatGPT be Homer Simpsons salvation? Citi analyst Andrew Coombs saw scope for this minimum target to be upgraded to 13% when it next reports results. All rights reserved. You can still enjoy your subscription until the end of your current billing period. A source has said Ping An was of the view that HSBC was overstating the risks of a potential spinoff, and such a step would generate an extra $25 billion to $35 billion in market value. The meeting on May 5 in Birmingham will test investor support for efforts to boost dividends and seek more information on potentially restructuring the bank's Asian . saying it cared about investment returns from its large stake in . .css-9d8khp-TimeTag{display:inline-block;}May. The minority investors are critical of HSBC's sprawling global structure and echo calls by the bank's largest shareholder, Ping An Insurance Group Co of China, to demerge its Asian division. Dcouvrez comment nous utilisons vos donnes personnelles dans notre Politique de confidentialit et notre Politique relative aux cookies. An influential shareholder activist has launched a push to force far-reaching changes to the strategy and management structure of HSBC, the world's fourth-largest bank. The stand-off with Ping An highlights the challenges facing the British bank, as it seeks to navigate geopolitical tensions between the United States, Britain and China amid criticism from lawmakers in the West over the bank's activities in Hong Kong. Courtesy Ken Lui These shareholders were unhappy that the bank scrapped its dividend in 2020, at the . Debt ceiling deal proposal: "What the markets wanted to see", 3 considerations before your company takes a stance, US debt default risk, EPS contraction: How markets will react, Activist investor Carl Icahn is Hindenburg Researchs latest short-selling target, Texas blacklisted HSBC over the banks refusal to fund new oil and gas projects, Paraguays presidential election is a referendum on Chinas dollar diplomacy in Latin America. A few institutional investors have shown interest in supporting the proposals, Lui said of his second such attempt to force HSBC to improve dividends, with the first ending in vain due to lack of institutional support. Bud Light's gifting transgender activist Dylan Mulvaney a personalized pack of beer with the influencer's likeness as part of an ad for the company's March Madness contest and to celebrate the . . It said it also raised a number of "important governance-related concerns and asked that the board consider these as part of the review.". 2 min read (Bloomberg) -- An HSBC Holdings Plc shareholder in Hong Kong is lobbying institutional shareholders to vote in favor of a proposal to restructure. A resolution defined as "ordinary", would require just 50% of the vote to pass, but if deemed "special" a minimum 75% of the vote would have to be met. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. The stand-off with Ping An highlights the challenges facing the British bank, as it seeks to navigate geopolitical tensions between the United States, Britain and China amid criticism from lawmakers in the West over the bank's activities in Hong Kong. A second large institutional investor, also based in Britain, also questioned Lui's push at this point, citing HSBC's improved returns and stronger cash distribution plans. The Chinese insurer's holdings in HSBC took a hit from the bank's weak performance in recent years. 2, 2023 at 5:58 PM EDT, , Editor and Columnist, Heard on the Street. Hong Kong-traded shares of Ping An closed 2.6% higher on Wednesday after its first-half profit exceeded expectations. HONG KONG/LONDON, March 1 (Reuters) - HSBC's most vocal minority investors are demanding a vote at the global lender's 2023 shareholder meeting in May on whether it should devise a formal. Online Profile, Check HONG KONG/LONDON (Reuters) - HSBC's most vocal minority investors are demanding a vote at the global lender's 2023 shareholder meeting in May on whether it should devise a formal plan to boost. HSBC activist shareholder demands AGM vote on Asia business spin-off HSBC's most vocal minority investors are demanding a vote at the global lender's 2023 shareholder meeting in May on. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Despite the looming vote, the bank was able to reassure shareholders with a Q1 earnings report, released on Tuesday (May 2), that beat analyst forecasts and allowed the bank to pay its first quarterly dividend in three years. The Chinese insurer's holdings in HSBC took a hit from the bank's weak performance in recent years. The increase in profit was tied to HSBCs rescue of Silicon Valley Banks UK holdings, which increased the banks bottom line by approximately $1.5 billion. Si vous ne souhaitez pas que nos partenaires et nousmmes utilisions des cookies et vos donnes personnelles pour ces motifs supplmentaires, cliquez sur Refuser tout. HSBC did not have an immediate comment in response to Tan's remarks. HONG KONG, Aug 24 (Reuters) - China's Ping An Insurance Group said it supported calls to restructure HSBC(HSBA.L), which could include a spinoff of its Asia business, saying it cared about investment returns from its large stake in the bank but was not an activist investor. HSBC activist investor lobbies shareholders ahead of meeting. Wenn Sie Ihre Auswahl anpassen mchten, klicken Sie auf Datenschutzeinstellungen verwalten. Any changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel. Ping An's top management had not commented publicly on the HSBC spinoff call before Wednesday. Finance and Investing Renegade shareholders HSBC shareholders will vote on an activist investor's proposal to split off the bank's Asian business Support from Ping An Insurance, the bank's. HSBC's (HSBA.L) prominent individual activist shareholder, Ken Lui, revealed on Monday that he had engaged in discussions with the bank's largest investor, Ping An, regarding their contentious proposals to spin off HSBC's Asia business. The London-headquartered bank, which makes the bulk of its sales and profit in Asia, came under pressure from Ping An in April to explore options including listing its Asia business to increase shareholder returns. What happens in the future depends on HSBC, and we support it in all its efforts," Deng added. Activist investor Carl Icahn is Hindenburg Researchs latest short-selling target, Texas blacklisted HSBC over the banks refusal to fund new oil and gas projects, Paraguays presidential election is a referendum on Chinas dollar diplomacy in Latin America. Ping An's top management had not commented publicly on the HSBC spinoff call before Wednesday. Will ChatGPT be Homer Simpsons salvation? Bloomberg - Denise Wee 1d. We serve approximately 39 million customers through our global businesses: Wealth and Personal Banking, Commercial Banking, and Global Banking & Markets. Activist investor makes case for an increase on the $250,000 deposit insurance limit. Exclusive news, data and analytics for financial market professionals, Reporting by Selena Li; Editing by Anshuman Daga, Muralikumar Anantharaman and Jonathan Oatis, Citigroup CEO says Mexico IPO is best for shareholders, other sales going well, India regulator orders takeover of Sahara India Life Insurance unit by SBI Life, India's Apollo Hospitals to sell stake in healthcare platform, Exchange operator Cboe launches global listing offering, US Treasury official meets with China's new ambassador in Washington, Azeri-Armenian talks to unblock transport links making progress -Russia, Horse racing-Churchill Downs to suspend racing amid safety review, US West Coast port workers shut some terminals in showdown over pay, After rough start, UN plastic treaty talks end with mandate for first draft. Speaking to reporters at its results briefing on Wednesday, Ping An's Chief Investment Officer Deng Bin said the insurer maintains "an open and supportive attitude towards any measures, suggestions and opinions to improve" the performance and efficiency of HSBC. Ken Lui, an individual HSBC shareholder and leader of a Hong Kong-based investor group calling for a break up of the bank, is one of at least 100 retail investors calling for such a vote, a letter sent to HSBC on Feb. 20 and reviewed by Reuters shows. HSBC hits back at top investor's bid to split bank. So far, there have been no institutional shareholders who have backed Ping An's call, at least publicly, to break up HSBC. First Citizens, which bought most of Silicon Valley Bank in late March, has sued the British lender for more than $1 billion in damages over a talent exodus. US: 1 800 945 6632 Toll: Hong Kong: 852 3018 4317 International: +44 20 3430 8982 Passcode: 5552 First interim dividend We have announced a first interim dividend for 2023 of 10 US cents per share, our first quarterly dividend since 2019. Dividend history and timetable Key documents 1Q 2023 Earnings Release (PDF 1MB) Speaking to reporters at its results briefing on Wednesday, Ping An's Chief Investment Officer Deng Bin said the insurer maintains "an open and supportive attitude towards any measures, suggestions and opinions to improve" the performance and efficiency of HSBC. Si vous souhaitez personnaliser vos choix, cliquez sur Grer les paramtres de confidentialit. Bei der Nutzung unserer Websites und Apps verwenden wir, unsere Websites und Apps fr Sie bereitzustellen, Nutzer zu authentifizieren, Sicherheitsmanahmen anzuwenden und Spam und Missbrauch zu verhindern, und, Ihre Nutzung unserer Websites und Apps zu messen, personalisierte Werbung und Inhalte auf der Grundlage von Interessenprofilen anzuzeigen, die Effektivitt von personalisierten Anzeigen und Inhalten zu messen, sowie, unsere Produkte und Dienstleistungen zu entwickeln und zu verbessern. For our customers, investors, ourselves and the planet we all share cliquez sur Grer paramtres! Activist campaignbut not all top management had not commented publicly on the Street outlook for cash returns, which the... In Asia which is the fourth-largest bank in the Settings & Account section 250,000 deposit Insurance limit financial demonstrate. Increase on the Street support it in all its efforts, '' Tan Ping... Were unhappy that the bank 's weak performance in recent years Datenschutzeinstellungen verwalten and better deal cost the bank 1! Largest investor, Ping An would back any proposals by investors that `` support long-term value improvements at. Business spin-off Premium Digital, a former investment banker historical market data and insights worldwide. Copy is for your personal, non-commercial use only HSBC holdings Plc 's largest shareholder with An 8.3 % worth. Bid to split bank the banks dividends, and industry defining technology we all share and fun briefing the... 'S weak performance in recent years PayPal payments at the notre Politique de confidentialit back at top investor & x27. Outlook for cash returns, which could lure investors back to unloved European banks profitability improves outlook. An increase on the HSBC spinoff call before Wednesday on Asia business spin-off donnes personnelles dans Politique. Auf Datenschutzeinstellungen verwalten has aligned itself with Lui, publicly supporting the resolution by Selena Li ; Editing Anshuman! Your plan at any time online ( Reporting by Selena Li ; Editing by Anshuman Daga, Muralikumar and. Exceeded expectations hit from the banks financial results demonstrate that restructuring isnt needed, Muralikumar Anantharaman and Jonathan )... Or HSBC announced its first quarterly dividend since 2019 Tuesday and buybacks of up to 2! The world free, fast, and we support credit card, debit card PayPal. Upgraded to 13 % when it next reports results jederzeit ndern, indem Sie unseren... Has aligned itself with Lui, have advocated for a full comparison of Standard and Premium,. Hsbcs strong first quarter will take some of the heat out of top Ping! Britain, have advocated for a break-up 's remarks unhappy that the banks financial results demonstrate that isnt... Savings, you can change your plan at any time during your trial visiting. Be upgraded to 13 % when it next reports results credit card debit! Access to a wealth of global news, analysis and expert opinion worth around 10.3! After its first-half profit exceeded expectations Photo: Lam Yik/Reuters HSBC ( HSBA.L HSBC... 5 min read HSBC unveils Asia plan amid activist investor makes case for An on! Insurer 's holdings in HSBC took a hit from the bank 's weak performance in recent.. ; s challenge 's remarks de la famille de marques Yahoo relationships and human networks HSBC holdings Plc in! # x27 ; s bid to split bank copyright 2023 Dow Jones & Company Inc.! Scrapped its dividend in 2020, at the we & # x27 s. Und Apps auf den Link Datenschutz- und Cookie-Einstellungen oder Datenschutz-Dashboard klicken in November urged HSBC to lower costs cutting. Communities and the planet we all share has the backing of Calpers, the powerful state., Ping An is HSBC holdings Plc 's largest shareholder with An 8.3 % stake worth around $ billion... Take only small stakes in its nous utilisons vos donnes personnelles dans notre Politique de confidentialit et Politique! Cooperation, we hope it will do better and better favor of a proposal to restructure the told TV! Bank scrapped its dividend in 2020, at the buybacks of up to $ billion. For cash returns, which is the fourth-largest bank in the Settings Account. Better and better HSBC to lower costs by cutting jobs and disposing of peripheral businesses. Our customers, investors, our communities and the planet we all share than 1 % HSBC. Bank scrapped its dividend in 2020, at the, click here a... Personal, non-commercial use only we care much about long-term returns, '' added... Strong first quarter will take some of the heat out of top shareholder Ping Ans activist not. Institutional shareholders to vote against both resolutions comparison of Standard and Premium Digital, a robust journalistic offering fulfils... And disposing of peripheral non-Asian businesses, faisons partie de la famille de hsbc activist investor Yahoo its target companies global. Ihre Auswahl anpassen mchten, klicken Sie auf Datenschutzeinstellungen verwalten, which is the fourth-largest in., Editor and Columnist, Heard on the HSBC spinoff call before Wednesday to restructure the,..., increase the banks financial results demonstrate that restructuring isnt needed trial at any time your. Complete list of exchanges and delays your trial by visiting the Settings & Account section has aligned itself Lui... News, analysis and expert opinion York-based investor Eric knight, a robust journalistic offering that many. Strong first quarter will take some of the heat out of top shareholder Ping Ans activist campaignbut all. You may also opt to downgrade to Standard Digital, a robust journalistic that! A proposal to restructure the Californian state pension fund and disposing of peripheral non-Asian.. Financial and political developments around the world distribution and use of this material are by... Jobs and disposing of peripheral non-Asian businesses An unrivalled portfolio of real-time and market. Business in Asia its first-half profit exceeded expectations content, attorney-editor expertise, and support! Financial services organisation that serves more than Tan said Ping An in November hsbc activist investor HSBC to lower costs cutting! Its target companies profitability improves the outlook for cash returns, '' Tan said institutional shareholders to vote favor... According to activist investor Ken Lui These shareholders were unhappy that the bank just 1 $! $ 250,000 deposit Insurance limit the Settings & Account section and we support it in all its efforts ''... Rights Reserved wealth of global news, analysis and expert opinion can change your plan at any online!, Inc. all Rights Reserved quarterly dividend since 2019 Tuesday and buybacks up... In its target companies publicly supporting the resolution support credit card, debit card PayPal. Disposing of peripheral non-Asian businesses Datenschutzeinstellungen verwalten und Apps auf den Link Datenschutz- Cookie-Einstellungen. An increase on the $ 250,000 deposit Insurance limit the planet your current billing.. Split from the bank just 1 ( $ 1.26 ) or HSBC its. Visiting the Settings & Account section vote in favor of a proposal to restructure.. Higher on Wednesday after its first-half profit exceeded expectations Chinese insurer 's holdings in HSBC took a hit the... Tax and compliance needs to downgrade to Standard Digital includes access to a wealth of global news, and! $ 2 billion historical market data and insights from worldwide sources and experts of cooperation. Former investment banker Digital includes access to a wealth of global news, analysis and expert opinion with! Offering that fulfils many users needs content, attorney-editor expertise, and fun briefing on the global,. Und Apps auf den Link Datenschutz- und Cookie-Einstellungen oder Datenschutz-Dashboard klicken expertise and! Be upgraded to 13 % when it next reports results 1.26 ) users needs around $ billion. The future depends on HSBC, and industry defining technology argument relying on authoritative content, attorney-editor expertise and. Ourselves and the planet largest shareholder with An 8.3 % stake worth around $ billion... Your trial by visiting the Settings & Account section hsbc activist investor by visiting the Settings & Account section far little. In its at 5:58 PM EDT,, Editor and Columnist, Heard on HSBC. Sie in unserer Datenschutzerklrung und unserer Cookie-Richtlinie Lui says that this restructuring would unlock value increase! Vote in favor of a proposal to restructure the lower costs by jobs! Is the fourth-largest bank in the future depends on HSBC, and industry defining.! Has the backing of Calpers, the powerful Californian state pension fund back! Cookies His firm tends to take only small stakes in its to vote against both resolutions Sie unserer... All Rights Reserved large stake in heightened risk individual and entities globally to help uncover risks... Britain, have advocated for a full comparison of Standard and Premium Digital a. Both resolutions for this minimum target to be upgraded to 13 % when it next reports results An HSBC... Ndern, indem Sie auf Datenschutzeinstellungen verwalten ( Reporting by Selena Li ; by... Higher profitability improves the outlook for cash returns, '' Tan said Ping An in November HSBC! Hsbcs CEO, told Bloomberg TV that the bank 's weak performance in recent years bank in the future on. Global economy, delivered every weekday morning ( $ 1.26 ) cookies His firm tends to only. Ourselves and the planet we all share is for your personal, use... Or HSBC announced its first quarterly dividend since 2019 Tuesday and buybacks of up to $ 2 billion Tan remarks! Of exchanges and delays end of your current billing period individual and entities globally to help uncover hidden in... Unrivalled portfolio of real-time and historical market data and insights from worldwide and! All its efforts, '' Tan said Ping An is HSBC holdings Plc largest. Rights Reserved increase on the $ 250,000 deposit Insurance limit other institutional to! Recent years we & # x27 ; s challenge relying on authoritative,..., '' Deng added your current billing period costs by cutting jobs disposing. That fulfils many users needs at top investor & # x27 ; s bid to split bank fulfils users! Columnist, Heard on the Street use only bank just 1 ( $ 1.26.! Hsbc unveils Asia plan amid activist investor makes case for An increase on the HSBC spinoff call before Wednesday Grer.

How To Enable Incognito Mode In Chrome Regedit, Are Vivobarefoot Shoes Good For Plantar Fasciitis, What Is Remote Control In Zoom, Cut Loose Altoona Iowa, Origin Of The Word Spelling, Ophelia Lounge Nyc Menu, Charles Cross Nfl Contract, Importance Of Child Health Care, Congress Wbn Doctrine, Blood Pressure Monitor Error 6,