Aug 1, 2022

HSBC pledges to restore dividend to pre-pandemic levels

HSBC has pledged to restore its dividend to pre-coronavirus pandemic levels as soon as possible as Europe's biggest bank pushes back against pressure from its largest shareholder Ping An to divide its Asian and western operations. Quinn said in the results announcement that the bank "Appreciate[s] the importance of dividends to all of our shareholders. We will aim to restore the dividend to pre-Covid-19 levels as soon as possible." The Bank of England restricted UK lenders from distributing dividends to shareholders during the pandemic as part of emergency measures to improve the resilience of the sector. The cancelled dividend was one of the crucial reasons behind Ping An's call for HSBC to be broken up. HSBC said on Monday that it would pay an interim dividend of 9 cents a share but warned that share buybacks were unlikely this year.

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