All posts tagged: silicon valley bank

HSBC spinoff: Bank’s top execs face tense shareholders in Hong Kong calling for a breakup

HSBC spinoff: Bank’s top execs face tense shareholders in Hong Kong calling for a breakup

[ad_1] Hong Kong CNN  —  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. In prepared remarks, Tucker and Quinn each reiterated the board’s recommendation that shareholders vote against a resolution on the docket for its annual general meeting in May that would force the bank to come up with a plan to spin off or reorganize its Asian business — the lender’s main source of profits. Tucker said the board was unanimous in its opposition to the resolution, stating plainly: “It would not be in your interest to split the bank.” He said the board had previously reviewed a range of options for restructuring the bank, and concluded that such alternatives would …