May 5, 2023
HSBC foils plan by major investor to break up bank
HSBC has fought off an attempt by its biggest shareholder to break up the bank during a frequently tense annual general meeting. HSBC chairman Mark Tucker said the result "Draws a line" under a long-running debate about the bank's structure. For most of its 158-year history, the Hong Kong and Shanghai Banking Corporation - as it was originally known - has had a long-distance relationship with the UK. In fact, HSBC only became a major UK High Street player in the 1990s, when it bought Midland Bank and moved its headquarters to London in 1993. To this day, HSBC even prints the bank notes in Hong Kong. A small taste of this came in 2020, when the Bank of England directed HSBC and other British lenders to stop paying out dividends to shareholders because of the pandemic.
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