Shareholders pressure HSBC executives for a potential breakup

Welcome to our awesome company that provides complete software development activities utilizing nearshore and offshore resources, including mobile app development, technology maintenance, web server development, and many other technology development activities. We understand the importance of outsourcing, and our team of experts is here to help businesses thrive in today’s competitive landscape.

At an informal shareholder meeting in Hong Kong, our Chairman Mark Tucker and CEO Noel Quinn took the opportunity to address shareholder concerns and defend our strategy. We are well aware of the calls for us to split up, but we firmly believe that it would not be in the best interest of our shareholders to do so. Our board has extensively reviewed restructuring options and determined that they would only “materially destroy value for shareholders, including dividends.”

We want to assure our shareholders that our current strategy is working. Our profits in Hong Kong and the UK are not being dragged down by underperformance elsewhere. In fact, our strategy is moving dividends up, demonstrating our commitment to delivering value to our shareholders.

While some shareholders argue that a breakup of the bank would result in significant revenue loss, we believe that our diverse and interconnected business model allows us to leverage cross-border transactions and generate substantial revenue. Separating our activities in Asia would not only disrupt our operations but also expose our Hong Kong shareholders to requests in other jurisdictions.

We understand the concerns raised by shareholders who were affected by the dividend cancellation in 2020. However, we have since brought back our dividend in 2021, albeit at a lower level. We appreciate the feedback from our shareholders and will continue to carefully consider their interests moving forward.

In addition to shareholder concerns, we have also faced pressure from our largest shareholder, Ping An, China’s biggest insurer. While Ping An holds an 8% stake in HSBC, they have backed calls for us to reconsider our structure. We value their input and are open to exploring initiatives that could improve our performance and value.

We recently acquired the British unit of Silicon Valley Bank (SVB) for £1, a move that some critics have questioned due to concerns about due diligence. However, we want to assure our shareholders that we thoroughly assessed the acquisition and believe it presents a good business opportunity for us. The acquisition allows us to gain hundreds of innovative startups as customers, further strengthening our position in the market.

In conclusion, we maintain that our current strategy is working and in the best interest of our shareholders. We appreciate your continued support as we navigate the challenges and opportunities in the banking industry. As an awesome company specializing in software development and technology services, we are here to drive success and growth for businesses across various industries.