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HSBC's chairman Mark Tucker says Asia business spin-off 'will not happen'

HSBC defeated a resolution last year from Hong Kong-based shareholders and backed by major investor Ping An to potentially spin-off its lucrative Asia business.
Last Updated : 03 April 2024, 10:54 IST

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At the time, the company said the majority of its institutional and retail investor base backed the board and the structure of the bank.

The bank in February reported its 2023 pretax profit jumped 78% to $30.3 billion, but still missed a consensus estimate of $34.1 billion, largely due to a $3 billion impairment on its stake in China's Bank of Communications.

HSBC had also announced a new $2 billion buyback, an annual dividend of $0.61 per share and the intention to pay a special dividend of $0.21 per share once it completes the sale of its Canada business.

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Published 03 April 2024, 10:54 IST

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