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HSBC Tucker: Group Has No Plans to Sell Any More Biz
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HSBC HOLDINGS (00005.HK) held its annual general meeting (AGM) in London, UK on Friday (3 May). Chairman Mark Tucker, in response to shareholders' questions. said the group has no plans to sell any more of its businesses. CEO Noel Quinn explained that HSBC exited the relevant markets mainly due to lower demand and the scale of the business was not large enough to compete effectively. The group will endeavour to develop markets where it is a key contributor to global trade and capital flows and will not consider entering new countries for the time being. At last year's AGM, top shareholder PING AN (02318.HK) backed a motion by minority shareholders to enhance value through structural reforms such as spinning off its Asian operations and formulating a dividend policy, but the motion was ultimately voted down. Tucker again responded that the management had made a clear and strong case at the time it was in the best interests of shareholders and the group to maintain the existing strategy. HSBC's financial performance had improved and shareholders' returns had increased as visible to the outside world. Tucker commented that HSBC would maintain its dividend payout ratio target of 50% for the year and that the dividend outlook for the future remained strong. Quinn said the group's average target return on tangible equity for the year remained around 15%. The group is also pursuing a strategy of revenue growth to offset the impact of falling interest rates and to reduce its sensitivity to interest rates. AAStocks Financial News |
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