Market analysts are interpreting political undertones in the push for the spin-off, considering the importance of HSBC in China's financial hub Hong Kong. Steve Vickers, a corporate risk consultant in Hong Kong, told<\/a> BBC that \"there is a jarring gap between HSBC'S center of gravity in Hong Kong and its subservience to regulators in Britain.\"<\/em><\/p>\n\n\n\n See Related:<\/em><\/strong> An Acute Case Of Bank Run; How Depositors Wiped Out US$75B From Credit Suisse<\/a><\/p>\n\n\n\n The next step Ping An would take after losing the vote remains to be seen. The institution has reportedly vowed to mobilize shareholders in Hong Kong against HSBC's top management stance.<\/p>\n","post_title":"HSBC Survives Bid By Top Shareholder To Spin Off Lucrative Asian Operations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"hsbc-survives-bid-by-top-shareholder-to-spin-off-lucrative-asian-operations","to_ping":"","pinged":"","post_modified":"2023-05-06 23:33:42","post_modified_gmt":"2023-05-06 13:33:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11532","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
But, according to Ping An, the 158-year-old institution needs to strengthen its China-based operations, which generate almost half of its revenues. Additionally, the insurer maintains that having the bank operate as it risks subjecting it to geopolitical risks involving China and the West.<\/p>\n\n\n\n Market analysts are interpreting political undertones in the push for the spin-off, considering the importance of HSBC in China's financial hub Hong Kong. Steve Vickers, a corporate risk consultant in Hong Kong, told<\/a> BBC that \"there is a jarring gap between HSBC'S center of gravity in Hong Kong and its subservience to regulators in Britain.\"<\/em><\/p>\n\n\n\n See Related:<\/em><\/strong> An Acute Case Of Bank Run; How Depositors Wiped Out US$75B From Credit Suisse<\/a><\/p>\n\n\n\n The next step Ping An would take after losing the vote remains to be seen. The institution has reportedly vowed to mobilize shareholders in Hong Kong against HSBC's top management stance.<\/p>\n","post_title":"HSBC Survives Bid By Top Shareholder To Spin Off Lucrative Asian Operations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"hsbc-survives-bid-by-top-shareholder-to-spin-off-lucrative-asian-operations","to_ping":"","pinged":"","post_modified":"2023-05-06 23:33:42","post_modified_gmt":"2023-05-06 13:33:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11532","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
But, according to Ping An, the 158-year-old institution needs to strengthen its China-based operations, which generate almost half of its revenues. Additionally, the insurer maintains that having the bank operate as it risks subjecting it to geopolitical risks involving China and the West.<\/p>\n\n\n\n Market analysts are interpreting political undertones in the push for the spin-off, considering the importance of HSBC in China's financial hub Hong Kong. Steve Vickers, a corporate risk consultant in Hong Kong, told<\/a> BBC that \"there is a jarring gap between HSBC'S center of gravity in Hong Kong and its subservience to regulators in Britain.\"<\/em><\/p>\n\n\n\n See Related:<\/em><\/strong> An Acute Case Of Bank Run; How Depositors Wiped Out US$75B From Credit Suisse<\/a><\/p>\n\n\n\n The next step Ping An would take after losing the vote remains to be seen. The institution has reportedly vowed to mobilize shareholders in Hong Kong against HSBC's top management stance.<\/p>\n","post_title":"HSBC Survives Bid By Top Shareholder To Spin Off Lucrative Asian Operations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"hsbc-survives-bid-by-top-shareholder-to-spin-off-lucrative-asian-operations","to_ping":"","pinged":"","post_modified":"2023-05-06 23:33:42","post_modified_gmt":"2023-05-06 13:33:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11532","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
See Related:<\/em><\/strong> HSBC\u2019s UK Branch Acquires SVB\u2019s UK Branch For A \u00a31<\/a><\/p>\n\n\n\n But, according to Ping An, the 158-year-old institution needs to strengthen its China-based operations, which generate almost half of its revenues. Additionally, the insurer maintains that having the bank operate as it risks subjecting it to geopolitical risks involving China and the West.<\/p>\n\n\n\n Market analysts are interpreting political undertones in the push for the spin-off, considering the importance of HSBC in China's financial hub Hong Kong. Steve Vickers, a corporate risk consultant in Hong Kong, told<\/a> BBC that \"there is a jarring gap between HSBC'S center of gravity in Hong Kong and its subservience to regulators in Britain.\"<\/em><\/p>\n\n\n\n See Related:<\/em><\/strong> An Acute Case Of Bank Run; How Depositors Wiped Out US$75B From Credit Suisse<\/a><\/p>\n\n\n\n The next step Ping An would take after losing the vote remains to be seen. The institution has reportedly vowed to mobilize shareholders in Hong Kong against HSBC's top management stance.<\/p>\n","post_title":"HSBC Survives Bid By Top Shareholder To Spin Off Lucrative Asian Operations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"hsbc-survives-bid-by-top-shareholder-to-spin-off-lucrative-asian-operations","to_ping":"","pinged":"","post_modified":"2023-05-06 23:33:42","post_modified_gmt":"2023-05-06 13:33:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11532","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
\"Being global is how we generate a significant portion of our revenues and is central to our whole strategy,\"<\/em> said the bank's chairman Mark Tucker. \"A restructuring or spinoff would mean we lose this revenue as our bank would no longer have the connectivity our customers value.\"<\/em><\/p>\n\n\n\n See Related:<\/em><\/strong> HSBC\u2019s UK Branch Acquires SVB\u2019s UK Branch For A \u00a31<\/a><\/p>\n\n\n\n But, according to Ping An, the 158-year-old institution needs to strengthen its China-based operations, which generate almost half of its revenues. Additionally, the insurer maintains that having the bank operate as it risks subjecting it to geopolitical risks involving China and the West.<\/p>\n\n\n\n Market analysts are interpreting political undertones in the push for the spin-off, considering the importance of HSBC in China's financial hub Hong Kong. Steve Vickers, a corporate risk consultant in Hong Kong, told<\/a> BBC that \"there is a jarring gap between HSBC'S center of gravity in Hong Kong and its subservience to regulators in Britain.\"<\/em><\/p>\n\n\n\n See Related:<\/em><\/strong> An Acute Case Of Bank Run; How Depositors Wiped Out US$75B From Credit Suisse<\/a><\/p>\n\n\n\n The next step Ping An would take after losing the vote remains to be seen. The institution has reportedly vowed to mobilize shareholders in Hong Kong against HSBC's top management stance.<\/p>\n","post_title":"HSBC Survives Bid By Top Shareholder To Spin Off Lucrative Asian Operations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"hsbc-survives-bid-by-top-shareholder-to-spin-off-lucrative-asian-operations","to_ping":"","pinged":"","post_modified":"2023-05-06 23:33:42","post_modified_gmt":"2023-05-06 13:33:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11532","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
A separate proposal by the Shenzhen-based firm to restore dividends payouts by HSBC to the pre-pandemic levels also fell flat. The vote was a big win for the management of HSBC, who maintains that a spinoff of the banking giant would hurt revenues.<\/p>\n\n\n\n \"Being global is how we generate a significant portion of our revenues and is central to our whole strategy,\"<\/em> said the bank's chairman Mark Tucker. \"A restructuring or spinoff would mean we lose this revenue as our bank would no longer have the connectivity our customers value.\"<\/em><\/p>\n\n\n\n See Related:<\/em><\/strong> HSBC\u2019s UK Branch Acquires SVB\u2019s UK Branch For A \u00a31<\/a><\/p>\n\n\n\n But, according to Ping An, the 158-year-old institution needs to strengthen its China-based operations, which generate almost half of its revenues. Additionally, the insurer maintains that having the bank operate as it risks subjecting it to geopolitical risks involving China and the West.<\/p>\n\n\n\n Market analysts are interpreting political undertones in the push for the spin-off, considering the importance of HSBC in China's financial hub Hong Kong. Steve Vickers, a corporate risk consultant in Hong Kong, told<\/a> BBC that \"there is a jarring gap between HSBC'S center of gravity in Hong Kong and its subservience to regulators in Britain.\"<\/em><\/p>\n\n\n\n See Related:<\/em><\/strong> An Acute Case Of Bank Run; How Depositors Wiped Out US$75B From Credit Suisse<\/a><\/p>\n\n\n\n The next step Ping An would take after losing the vote remains to be seen. The institution has reportedly vowed to mobilize shareholders in Hong Kong against HSBC's top management stance.<\/p>\n","post_title":"HSBC Survives Bid By Top Shareholder To Spin Off Lucrative Asian Operations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"hsbc-survives-bid-by-top-shareholder-to-spin-off-lucrative-asian-operations","to_ping":"","pinged":"","post_modified":"2023-05-06 23:33:42","post_modified_gmt":"2023-05-06 13:33:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11532","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Ping An, which holds 8% of HSBC, failed to get the support of any other major shareholder during the annual general meeting held in Birmingham, UK on May 5. According to a report<\/a> by the New York Times, the Chinese insurer only managed 20 per cent of the votes from the required 75%.<\/p>\n\n\n\n A separate proposal by the Shenzhen-based firm to restore dividends payouts by HSBC to the pre-pandemic levels also fell flat. The vote was a big win for the management of HSBC, who maintains that a spinoff of the banking giant would hurt revenues.<\/p>\n\n\n\n \"Being global is how we generate a significant portion of our revenues and is central to our whole strategy,\"<\/em> said the bank's chairman Mark Tucker. \"A restructuring or spinoff would mean we lose this revenue as our bank would no longer have the connectivity our customers value.\"<\/em><\/p>\n\n\n\n See Related:<\/em><\/strong> HSBC\u2019s UK Branch Acquires SVB\u2019s UK Branch For A \u00a31<\/a><\/p>\n\n\n\n But, according to Ping An, the 158-year-old institution needs to strengthen its China-based operations, which generate almost half of its revenues. Additionally, the insurer maintains that having the bank operate as it risks subjecting it to geopolitical risks involving China and the West.<\/p>\n\n\n\n Market analysts are interpreting political undertones in the push for the spin-off, considering the importance of HSBC in China's financial hub Hong Kong. Steve Vickers, a corporate risk consultant in Hong Kong, told<\/a> BBC that \"there is a jarring gap between HSBC'S center of gravity in Hong Kong and its subservience to regulators in Britain.\"<\/em><\/p>\n\n\n\n See Related:<\/em><\/strong> An Acute Case Of Bank Run; How Depositors Wiped Out US$75B From Credit Suisse<\/a><\/p>\n\n\n\n The next step Ping An would take after losing the vote remains to be seen. The institution has reportedly vowed to mobilize shareholders in Hong Kong against HSBC's top management stance.<\/p>\n","post_title":"HSBC Survives Bid By Top Shareholder To Spin Off Lucrative Asian Operations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"hsbc-survives-bid-by-top-shareholder-to-spin-off-lucrative-asian-operations","to_ping":"","pinged":"","post_modified":"2023-05-06 23:33:42","post_modified_gmt":"2023-05-06 13:33:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11532","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Top global bank HSBC foiled a plan Friday by one of its largest shareholders to split the bank from its Asian operations.<\/p>\n\n\n\n Ping An, which holds 8% of HSBC, failed to get the support of any other major shareholder during the annual general meeting held in Birmingham, UK on May 5. According to a report<\/a> by the New York Times, the Chinese insurer only managed 20 per cent of the votes from the required 75%.<\/p>\n\n\n\n A separate proposal by the Shenzhen-based firm to restore dividends payouts by HSBC to the pre-pandemic levels also fell flat. The vote was a big win for the management of HSBC, who maintains that a spinoff of the banking giant would hurt revenues.<\/p>\n\n\n\n \"Being global is how we generate a significant portion of our revenues and is central to our whole strategy,\"<\/em> said the bank's chairman Mark Tucker. \"A restructuring or spinoff would mean we lose this revenue as our bank would no longer have the connectivity our customers value.\"<\/em><\/p>\n\n\n\n See Related:<\/em><\/strong> HSBC\u2019s UK Branch Acquires SVB\u2019s UK Branch For A \u00a31<\/a><\/p>\n\n\n\n But, according to Ping An, the 158-year-old institution needs to strengthen its China-based operations, which generate almost half of its revenues. Additionally, the insurer maintains that having the bank operate as it risks subjecting it to geopolitical risks involving China and the West.<\/p>\n\n\n\n Market analysts are interpreting political undertones in the push for the spin-off, considering the importance of HSBC in China's financial hub Hong Kong. Steve Vickers, a corporate risk consultant in Hong Kong, told<\/a> BBC that \"there is a jarring gap between HSBC'S center of gravity in Hong Kong and its subservience to regulators in Britain.\"<\/em><\/p>\n\n\n\n See Related:<\/em><\/strong> An Acute Case Of Bank Run; How Depositors Wiped Out US$75B From Credit Suisse<\/a><\/p>\n\n\n\n The next step Ping An would take after losing the vote remains to be seen. The institution has reportedly vowed to mobilize shareholders in Hong Kong against HSBC's top management stance.<\/p>\n","post_title":"HSBC Survives Bid By Top Shareholder To Spin Off Lucrative Asian Operations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"hsbc-survives-bid-by-top-shareholder-to-spin-off-lucrative-asian-operations","to_ping":"","pinged":"","post_modified":"2023-05-06 23:33:42","post_modified_gmt":"2023-05-06 13:33:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11532","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Top global bank HSBC foiled a plan Friday by one of its largest shareholders to split the bank from its Asian operations.<\/p>\n\n\n\n Ping An, which holds 8% of HSBC, failed to get the support of any other major shareholder during the annual general meeting held in Birmingham, UK on May 5. According to a report<\/a> by the New York Times, the Chinese insurer only managed 20 per cent of the votes from the required 75%.<\/p>\n\n\n\n A separate proposal by the Shenzhen-based firm to restore dividends payouts by HSBC to the pre-pandemic levels also fell flat. The vote was a big win for the management of HSBC, who maintains that a spinoff of the banking giant would hurt revenues.<\/p>\n\n\n\n \"Being global is how we generate a significant portion of our revenues and is central to our whole strategy,\"<\/em> said the bank's chairman Mark Tucker. \"A restructuring or spinoff would mean we lose this revenue as our bank would no longer have the connectivity our customers value.\"<\/em><\/p>\n\n\n\n See Related:<\/em><\/strong> HSBC\u2019s UK Branch Acquires SVB\u2019s UK Branch For A \u00a31<\/a><\/p>\n\n\n\n But, according to Ping An, the 158-year-old institution needs to strengthen its China-based operations, which generate almost half of its revenues. Additionally, the insurer maintains that having the bank operate as it risks subjecting it to geopolitical risks involving China and the West.<\/p>\n\n\n\n Market analysts are interpreting political undertones in the push for the spin-off, considering the importance of HSBC in China's financial hub Hong Kong. Steve Vickers, a corporate risk consultant in Hong Kong, told<\/a> BBC that \"there is a jarring gap between HSBC'S center of gravity in Hong Kong and its subservience to regulators in Britain.\"<\/em><\/p>\n\n\n\n See Related:<\/em><\/strong> An Acute Case Of Bank Run; How Depositors Wiped Out US$75B From Credit Suisse<\/a><\/p>\n\n\n\n The next step Ping An would take after losing the vote remains to be seen. The institution has reportedly vowed to mobilize shareholders in Hong Kong against HSBC's top management stance.<\/p>\n","post_title":"HSBC Survives Bid By Top Shareholder To Spin Off Lucrative Asian Operations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"hsbc-survives-bid-by-top-shareholder-to-spin-off-lucrative-asian-operations","to_ping":"","pinged":"","post_modified":"2023-05-06 23:33:42","post_modified_gmt":"2023-05-06 13:33:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11532","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Top global bank HSBC foiled a plan Friday by one of its largest shareholders to split the bank from its Asian operations.<\/p>\n\n\n\n Ping An, which holds 8% of HSBC, failed to get the support of any other major shareholder during the annual general meeting held in Birmingham, UK on May 5. According to a report<\/a> by the New York Times, the Chinese insurer only managed 20 per cent of the votes from the required 75%.<\/p>\n\n\n\n A separate proposal by the Shenzhen-based firm to restore dividends payouts by HSBC to the pre-pandemic levels also fell flat. The vote was a big win for the management of HSBC, who maintains that a spinoff of the banking giant would hurt revenues.<\/p>\n\n\n\n \"Being global is how we generate a significant portion of our revenues and is central to our whole strategy,\"<\/em> said the bank's chairman Mark Tucker. \"A restructuring or spinoff would mean we lose this revenue as our bank would no longer have the connectivity our customers value.\"<\/em><\/p>\n\n\n\n See Related:<\/em><\/strong> HSBC\u2019s UK Branch Acquires SVB\u2019s UK Branch For A \u00a31<\/a><\/p>\n\n\n\n But, according to Ping An, the 158-year-old institution needs to strengthen its China-based operations, which generate almost half of its revenues. Additionally, the insurer maintains that having the bank operate as it risks subjecting it to geopolitical risks involving China and the West.<\/p>\n\n\n\n Market analysts are interpreting political undertones in the push for the spin-off, considering the importance of HSBC in China's financial hub Hong Kong. Steve Vickers, a corporate risk consultant in Hong Kong, told<\/a> BBC that \"there is a jarring gap between HSBC'S center of gravity in Hong Kong and its subservience to regulators in Britain.\"<\/em><\/p>\n\n\n\n See Related:<\/em><\/strong> An Acute Case Of Bank Run; How Depositors Wiped Out US$75B From Credit Suisse<\/a><\/p>\n\n\n\n The next step Ping An would take after losing the vote remains to be seen. The institution has reportedly vowed to mobilize shareholders in Hong Kong against HSBC's top management stance.<\/p>\n","post_title":"HSBC Survives Bid By Top Shareholder To Spin Off Lucrative Asian Operations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"hsbc-survives-bid-by-top-shareholder-to-spin-off-lucrative-asian-operations","to_ping":"","pinged":"","post_modified":"2023-05-06 23:33:42","post_modified_gmt":"2023-05-06 13:33:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11532","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Top global bank HSBC foiled a plan Friday by one of its largest shareholders to split the bank from its Asian operations.<\/p>\n\n\n\n Ping An, which holds 8% of HSBC, failed to get the support of any other major shareholder during the annual general meeting held in Birmingham, UK on May 5. According to a report<\/a> by the New York Times, the Chinese insurer only managed 20 per cent of the votes from the required 75%.<\/p>\n\n\n\n A separate proposal by the Shenzhen-based firm to restore dividends payouts by HSBC to the pre-pandemic levels also fell flat. The vote was a big win for the management of HSBC, who maintains that a spinoff of the banking giant would hurt revenues.<\/p>\n\n\n\n \"Being global is how we generate a significant portion of our revenues and is central to our whole strategy,\"<\/em> said the bank's chairman Mark Tucker. \"A restructuring or spinoff would mean we lose this revenue as our bank would no longer have the connectivity our customers value.\"<\/em><\/p>\n\n\n\n See Related:<\/em><\/strong> HSBC\u2019s UK Branch Acquires SVB\u2019s UK Branch For A \u00a31<\/a><\/p>\n\n\n\n But, according to Ping An, the 158-year-old institution needs to strengthen its China-based operations, which generate almost half of its revenues. Additionally, the insurer maintains that having the bank operate as it risks subjecting it to geopolitical risks involving China and the West.<\/p>\n\n\n\n Market analysts are interpreting political undertones in the push for the spin-off, considering the importance of HSBC in China's financial hub Hong Kong. Steve Vickers, a corporate risk consultant in Hong Kong, told<\/a> BBC that \"there is a jarring gap between HSBC'S center of gravity in Hong Kong and its subservience to regulators in Britain.\"<\/em><\/p>\n\n\n\n See Related:<\/em><\/strong> An Acute Case Of Bank Run; How Depositors Wiped Out US$75B From Credit Suisse<\/a><\/p>\n\n\n\n The next step Ping An would take after losing the vote remains to be seen. The institution has reportedly vowed to mobilize shareholders in Hong Kong against HSBC's top management stance.<\/p>\n","post_title":"HSBC Survives Bid By Top Shareholder To Spin Off Lucrative Asian Operations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"hsbc-survives-bid-by-top-shareholder-to-spin-off-lucrative-asian-operations","to_ping":"","pinged":"","post_modified":"2023-05-06 23:33:42","post_modified_gmt":"2023-05-06 13:33:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11532","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Despite holding a significant stake in HSBC, Ping An's attempt to gain support for the separation of HSBC's Asian arm did not receive enough votes during the annual general meeting.<\/p>\n","post_title":"HSBC's Canadian Unit Acquired By Royal Bank Of Canada","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"hsbcs-canadian-unit-acquired-by-royal-bank-of-canada","to_ping":"","pinged":"","post_modified":"2023-12-24 22:38:16","post_modified_gmt":"2023-12-24 11:38:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14772","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11532,"post_author":"13","post_date":"2023-05-06 23:25:51","post_date_gmt":"2023-05-06 13:25:51","post_content":"\n Top global bank HSBC foiled a plan Friday by one of its largest shareholders to split the bank from its Asian operations.<\/p>\n\n\n\n Ping An, which holds 8% of HSBC, failed to get the support of any other major shareholder during the annual general meeting held in Birmingham, UK on May 5. According to a report<\/a> by the New York Times, the Chinese insurer only managed 20 per cent of the votes from the required 75%.<\/p>\n\n\n\n A separate proposal by the Shenzhen-based firm to restore dividends payouts by HSBC to the pre-pandemic levels also fell flat. The vote was a big win for the management of HSBC, who maintains that a spinoff of the banking giant would hurt revenues.<\/p>\n\n\n\n \"Being global is how we generate a significant portion of our revenues and is central to our whole strategy,\"<\/em> said the bank's chairman Mark Tucker. \"A restructuring or spinoff would mean we lose this revenue as our bank would no longer have the connectivity our customers value.\"<\/em><\/p>\n\n\n\n See Related:<\/em><\/strong> HSBC\u2019s UK Branch Acquires SVB\u2019s UK Branch For A \u00a31<\/a><\/p>\n\n\n\n But, according to Ping An, the 158-year-old institution needs to strengthen its China-based operations, which generate almost half of its revenues. Additionally, the insurer maintains that having the bank operate as it risks subjecting it to geopolitical risks involving China and the West.<\/p>\n\n\n\n Market analysts are interpreting political undertones in the push for the spin-off, considering the importance of HSBC in China's financial hub Hong Kong. Steve Vickers, a corporate risk consultant in Hong Kong, told<\/a> BBC that \"there is a jarring gap between HSBC'S center of gravity in Hong Kong and its subservience to regulators in Britain.\"<\/em><\/p>\n\n\n\n See Related:<\/em><\/strong> An Acute Case Of Bank Run; How Depositors Wiped Out US$75B From Credit Suisse<\/a><\/p>\n\n\n\n The next step Ping An would take after losing the vote remains to be seen. The institution has reportedly vowed to mobilize shareholders in Hong Kong against HSBC's top management stance.<\/p>\n","post_title":"HSBC Survives Bid By Top Shareholder To Spin Off Lucrative Asian Operations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"hsbc-survives-bid-by-top-shareholder-to-spin-off-lucrative-asian-operations","to_ping":"","pinged":"","post_modified":"2023-05-06 23:33:42","post_modified_gmt":"2023-05-06 13:33:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11532","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
In June, HSBC faced off against Ping An<\/a>, one of its major investors, seeking to split the bank from its lucrative Asian operations. Ping An, holding 8% of HSBC, failed to garner sufficient support, falling short of the required 75% vote needed to enforce the split.<\/p>\n\n\n\n Despite holding a significant stake in HSBC, Ping An's attempt to gain support for the separation of HSBC's Asian arm did not receive enough votes during the annual general meeting.<\/p>\n","post_title":"HSBC's Canadian Unit Acquired By Royal Bank Of Canada","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"hsbcs-canadian-unit-acquired-by-royal-bank-of-canada","to_ping":"","pinged":"","post_modified":"2023-12-24 22:38:16","post_modified_gmt":"2023-12-24 11:38:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14772","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11532,"post_author":"13","post_date":"2023-05-06 23:25:51","post_date_gmt":"2023-05-06 13:25:51","post_content":"\n Top global bank HSBC foiled a plan Friday by one of its largest shareholders to split the bank from its Asian operations.<\/p>\n\n\n\n Ping An, which holds 8% of HSBC, failed to get the support of any other major shareholder during the annual general meeting held in Birmingham, UK on May 5. According to a report<\/a> by the New York Times, the Chinese insurer only managed 20 per cent of the votes from the required 75%.<\/p>\n\n\n\n A separate proposal by the Shenzhen-based firm to restore dividends payouts by HSBC to the pre-pandemic levels also fell flat. The vote was a big win for the management of HSBC, who maintains that a spinoff of the banking giant would hurt revenues.<\/p>\n\n\n\n \"Being global is how we generate a significant portion of our revenues and is central to our whole strategy,\"<\/em> said the bank's chairman Mark Tucker. \"A restructuring or spinoff would mean we lose this revenue as our bank would no longer have the connectivity our customers value.\"<\/em><\/p>\n\n\n\n See Related:<\/em><\/strong> HSBC\u2019s UK Branch Acquires SVB\u2019s UK Branch For A \u00a31<\/a><\/p>\n\n\n\n But, according to Ping An, the 158-year-old institution needs to strengthen its China-based operations, which generate almost half of its revenues. Additionally, the insurer maintains that having the bank operate as it risks subjecting it to geopolitical risks involving China and the West.<\/p>\n\n\n\n Market analysts are interpreting political undertones in the push for the spin-off, considering the importance of HSBC in China's financial hub Hong Kong. Steve Vickers, a corporate risk consultant in Hong Kong, told<\/a> BBC that \"there is a jarring gap between HSBC'S center of gravity in Hong Kong and its subservience to regulators in Britain.\"<\/em><\/p>\n\n\n\n See Related:<\/em><\/strong> An Acute Case Of Bank Run; How Depositors Wiped Out US$75B From Credit Suisse<\/a><\/p>\n\n\n\n The next step Ping An would take after losing the vote remains to be seen. The institution has reportedly vowed to mobilize shareholders in Hong Kong against HSBC's top management stance.<\/p>\n","post_title":"HSBC Survives Bid By Top Shareholder To Spin Off Lucrative Asian Operations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"hsbc-survives-bid-by-top-shareholder-to-spin-off-lucrative-asian-operations","to_ping":"","pinged":"","post_modified":"2023-05-06 23:33:42","post_modified_gmt":"2023-05-06 13:33:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11532","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
This monumental deal marks a shift in Canada's banking history, the largest since the early 1990s. It also stands amidst recent acquisitions by other major Canadian banks, illustrating the sector's drive for growth and expansion.<\/p>\n\n\n\n In June, HSBC faced off against Ping An<\/a>, one of its major investors, seeking to split the bank from its lucrative Asian operations. Ping An, holding 8% of HSBC, failed to garner sufficient support, falling short of the required 75% vote needed to enforce the split.<\/p>\n\n\n\n Despite holding a significant stake in HSBC, Ping An's attempt to gain support for the separation of HSBC's Asian arm did not receive enough votes during the annual general meeting.<\/p>\n","post_title":"HSBC's Canadian Unit Acquired By Royal Bank Of Canada","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"hsbcs-canadian-unit-acquired-by-royal-bank-of-canada","to_ping":"","pinged":"","post_modified":"2023-12-24 22:38:16","post_modified_gmt":"2023-12-24 11:38:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14772","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11532,"post_author":"13","post_date":"2023-05-06 23:25:51","post_date_gmt":"2023-05-06 13:25:51","post_content":"\n Top global bank HSBC foiled a plan Friday by one of its largest shareholders to split the bank from its Asian operations.<\/p>\n\n\n\n Ping An, which holds 8% of HSBC, failed to get the support of any other major shareholder during the annual general meeting held in Birmingham, UK on May 5. According to a report<\/a> by the New York Times, the Chinese insurer only managed 20 per cent of the votes from the required 75%.<\/p>\n\n\n\n A separate proposal by the Shenzhen-based firm to restore dividends payouts by HSBC to the pre-pandemic levels also fell flat. The vote was a big win for the management of HSBC, who maintains that a spinoff of the banking giant would hurt revenues.<\/p>\n\n\n\n \"Being global is how we generate a significant portion of our revenues and is central to our whole strategy,\"<\/em> said the bank's chairman Mark Tucker. \"A restructuring or spinoff would mean we lose this revenue as our bank would no longer have the connectivity our customers value.\"<\/em><\/p>\n\n\n\n See Related:<\/em><\/strong> HSBC\u2019s UK Branch Acquires SVB\u2019s UK Branch For A \u00a31<\/a><\/p>\n\n\n\n But, according to Ping An, the 158-year-old institution needs to strengthen its China-based operations, which generate almost half of its revenues. Additionally, the insurer maintains that having the bank operate as it risks subjecting it to geopolitical risks involving China and the West.<\/p>\n\n\n\n Market analysts are interpreting political undertones in the push for the spin-off, considering the importance of HSBC in China's financial hub Hong Kong. Steve Vickers, a corporate risk consultant in Hong Kong, told<\/a> BBC that \"there is a jarring gap between HSBC'S center of gravity in Hong Kong and its subservience to regulators in Britain.\"<\/em><\/p>\n\n\n\n See Related:<\/em><\/strong> An Acute Case Of Bank Run; How Depositors Wiped Out US$75B From Credit Suisse<\/a><\/p>\n\n\n\n The next step Ping An would take after losing the vote remains to be seen. The institution has reportedly vowed to mobilize shareholders in Hong Kong against HSBC's top management stance.<\/p>\n","post_title":"HSBC Survives Bid By Top Shareholder To Spin Off Lucrative Asian Operations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"hsbc-survives-bid-by-top-shareholder-to-spin-off-lucrative-asian-operations","to_ping":"","pinged":"","post_modified":"2023-05-06 23:33:42","post_modified_gmt":"2023-05-06 13:33:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11532","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Regulators, including the federal banking regulator and the Competition Bureau, have approved the deal. HSBC's decision to exit Canada aligns with its global strategy, focusing on the Asian market.<\/p>\n\n\n\n This monumental deal marks a shift in Canada's banking history, the largest since the early 1990s. It also stands amidst recent acquisitions by other major Canadian banks, illustrating the sector's drive for growth and expansion.<\/p>\n\n\n\n In June, HSBC faced off against Ping An<\/a>, one of its major investors, seeking to split the bank from its lucrative Asian operations. Ping An, holding 8% of HSBC, failed to garner sufficient support, falling short of the required 75% vote needed to enforce the split.<\/p>\n\n\n\n Despite holding a significant stake in HSBC, Ping An's attempt to gain support for the separation of HSBC's Asian arm did not receive enough votes during the annual general meeting.<\/p>\n","post_title":"HSBC's Canadian Unit Acquired By Royal Bank Of Canada","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"hsbcs-canadian-unit-acquired-by-royal-bank-of-canada","to_ping":"","pinged":"","post_modified":"2023-12-24 22:38:16","post_modified_gmt":"2023-12-24 11:38:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14772","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11532,"post_author":"13","post_date":"2023-05-06 23:25:51","post_date_gmt":"2023-05-06 13:25:51","post_content":"\n Top global bank HSBC foiled a plan Friday by one of its largest shareholders to split the bank from its Asian operations.<\/p>\n\n\n\n Ping An, which holds 8% of HSBC, failed to get the support of any other major shareholder during the annual general meeting held in Birmingham, UK on May 5. According to a report<\/a> by the New York Times, the Chinese insurer only managed 20 per cent of the votes from the required 75%.<\/p>\n\n\n\n A separate proposal by the Shenzhen-based firm to restore dividends payouts by HSBC to the pre-pandemic levels also fell flat. The vote was a big win for the management of HSBC, who maintains that a spinoff of the banking giant would hurt revenues.<\/p>\n\n\n\n \"Being global is how we generate a significant portion of our revenues and is central to our whole strategy,\"<\/em> said the bank's chairman Mark Tucker. \"A restructuring or spinoff would mean we lose this revenue as our bank would no longer have the connectivity our customers value.\"<\/em><\/p>\n\n\n\n See Related:<\/em><\/strong> HSBC\u2019s UK Branch Acquires SVB\u2019s UK Branch For A \u00a31<\/a><\/p>\n\n\n\n But, according to Ping An, the 158-year-old institution needs to strengthen its China-based operations, which generate almost half of its revenues. Additionally, the insurer maintains that having the bank operate as it risks subjecting it to geopolitical risks involving China and the West.<\/p>\n\n\n\n Market analysts are interpreting political undertones in the push for the spin-off, considering the importance of HSBC in China's financial hub Hong Kong. Steve Vickers, a corporate risk consultant in Hong Kong, told<\/a> BBC that \"there is a jarring gap between HSBC'S center of gravity in Hong Kong and its subservience to regulators in Britain.\"<\/em><\/p>\n\n\n\n See Related:<\/em><\/strong> An Acute Case Of Bank Run; How Depositors Wiped Out US$75B From Credit Suisse<\/a><\/p>\n\n\n\n The next step Ping An would take after losing the vote remains to be seen. The institution has reportedly vowed to mobilize shareholders in Hong Kong against HSBC's top management stance.<\/p>\n","post_title":"HSBC Survives Bid By Top Shareholder To Spin Off Lucrative Asian Operations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"hsbc-survives-bid-by-top-shareholder-to-spin-off-lucrative-asian-operations","to_ping":"","pinged":"","post_modified":"2023-05-06 23:33:42","post_modified_gmt":"2023-05-06 13:33:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11532","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Regulators, including the federal banking regulator and the Competition Bureau, have approved the deal. HSBC's decision to exit Canada aligns with its global strategy, focusing on the Asian market.<\/p>\n\n\n\n This monumental deal marks a shift in Canada's banking history, the largest since the early 1990s. It also stands amidst recent acquisitions by other major Canadian banks, illustrating the sector's drive for growth and expansion.<\/p>\n\n\n\n In June, HSBC faced off against Ping An<\/a>, one of its major investors, seeking to split the bank from its lucrative Asian operations. Ping An, holding 8% of HSBC, failed to garner sufficient support, falling short of the required 75% vote needed to enforce the split.<\/p>\n\n\n\n Despite holding a significant stake in HSBC, Ping An's attempt to gain support for the separation of HSBC's Asian arm did not receive enough votes during the annual general meeting.<\/p>\n","post_title":"HSBC's Canadian Unit Acquired By Royal Bank Of Canada","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"hsbcs-canadian-unit-acquired-by-royal-bank-of-canada","to_ping":"","pinged":"","post_modified":"2023-12-24 22:38:16","post_modified_gmt":"2023-12-24 11:38:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14772","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11532,"post_author":"13","post_date":"2023-05-06 23:25:51","post_date_gmt":"2023-05-06 13:25:51","post_content":"\n Top global bank HSBC foiled a plan Friday by one of its largest shareholders to split the bank from its Asian operations.<\/p>\n\n\n\n Ping An, which holds 8% of HSBC, failed to get the support of any other major shareholder during the annual general meeting held in Birmingham, UK on May 5. According to a report<\/a> by the New York Times, the Chinese insurer only managed 20 per cent of the votes from the required 75%.<\/p>\n\n\n\n A separate proposal by the Shenzhen-based firm to restore dividends payouts by HSBC to the pre-pandemic levels also fell flat. The vote was a big win for the management of HSBC, who maintains that a spinoff of the banking giant would hurt revenues.<\/p>\n\n\n\n \"Being global is how we generate a significant portion of our revenues and is central to our whole strategy,\"<\/em> said the bank's chairman Mark Tucker. \"A restructuring or spinoff would mean we lose this revenue as our bank would no longer have the connectivity our customers value.\"<\/em><\/p>\n\n\n\n See Related:<\/em><\/strong> HSBC\u2019s UK Branch Acquires SVB\u2019s UK Branch For A \u00a31<\/a><\/p>\n\n\n\n But, according to Ping An, the 158-year-old institution needs to strengthen its China-based operations, which generate almost half of its revenues. Additionally, the insurer maintains that having the bank operate as it risks subjecting it to geopolitical risks involving China and the West.<\/p>\n\n\n\n Market analysts are interpreting political undertones in the push for the spin-off, considering the importance of HSBC in China's financial hub Hong Kong. Steve Vickers, a corporate risk consultant in Hong Kong, told<\/a> BBC that \"there is a jarring gap between HSBC'S center of gravity in Hong Kong and its subservience to regulators in Britain.\"<\/em><\/p>\n\n\n\n
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