Ping An Insurance Reviews Plans to Reduce Shareholding in HSBC from Current 8%, Sold $50 Million of HSBC Shares in May 2024, HSBC Chairman Mark Tucker Tells Shareholders HSBC Asia Spinoff Will Not Happen, Unsuccessful AGM Resolution in 2023 Backed by Key HSBC Shareholder Ping An for HSBC Asia Spinoff
22nd May 2024 | Hong Kong
Ping An Insurance Group is reviewing plans to reduce shareholding in HSBC from the current 8%, having sold $50 million of HSBC Shares in May 2024. In 2024 April, HSBC Chairman Mark Tucker told shareholders a HSBC Asia spinoff will not happen. In 2023, an AGM resolution (Annual General Meeting) in 2023 backed by key HSBC shareholder Ping An for a HSBC Asia spinoff was unsuccessful. (HSBC current market value of $152 billion – 5/4/24: GBP 121 billion). Earlier in February 2024, HSBC reported $30.3 billion profit for 2023. In 2023, HSBC Premier, Jade & Private Bank AUM (Assets under Management) is at $536 billion, and HSBC reporting net new invested assets of $84 billion with $47 billion of new assets from Asia. HSBC group manages $3 trillion assets with 42 million clients. In 2023, HSBC wealth & personal banking reported $11.5 billion profit, commercial banking with $13.2 billion profit, global banking & markets with $5.9 billion profit, and corporate centre with $400 million loss. In late February 2024, HSBC had write-down $3 billion value on 19.03% shareholding of Bank of Communications. Bank of Communications is one of China top 5 banks & China state-owned banks. Earlier in May 2024, HSBC CEO Noel Quinn announced his resignation after 4 years as HSBC CEO since his appointment in 2020 March and 37 years at HSBC (joined in 1987), with Noel Quinn quoted as wanting a better work-life balance since taking on intensive senior leadership role at HSBC Commercial Bank in 2008 (12 years). Noel Quinn will remain at HSBC until his successor starts the CEO role or till the end of his 1-year notice on 30th April 2025.
“ Ping An Insurance Reviews Plans to Reduce Shareholding in HSBC from Current 8%, Sold $50 Million of HSBC Shares in May 2024, HSBC Chairman Mark Tucker Tells Shareholders HSBC Asia Spinoff Will Not Happen, Unsuccessful AGM Resolution in 2023 Backed by Key HSBC Shareholder Ping An for HSBC Asia Spinoff “
HSBC Chairman Mark Tucker Tells Shareholders HSBC Asia Spinoff Will Not Happen, Unsuccessful AGM Resolution in 2023 Backed by Key HSBC Shareholder Ping An for HSBC Asia Spinoff, HSBC Current Market Value at $152 Billion
4th April 2024 – HSBC Chairman Mark Tucker has told shareholders a HSBC Asia spinoff will not happen. In 2023, an AGM resolution (Annual General Meeting) in 2023 backed by key HSBC shareholder Ping An for a HSBC Asia spinoff was unsuccessful. HSBC has a current market value of $152 billion (5/4/24: GBP 121 billion). Earlier in February 2024, HSBC reported $30.3 billion profit for 2023. In 2023, HSBC Premier, Jade & Private Bank AUM (Assets under Management) is at $536 billion, and HSBC reporting net new invested assets of $84 billion with $47 billion of new assets from Asia. HSBC group manages $3 trillion assets with 42 million clients. In 2023, HSBC wealth & personal banking reported $11.5 billion profit, commercial banking with $13.2 billion profit, global banking & markets with $5.9 billion profit, and corporate centre with $400 million loss. In late February 2024, HSBC had write-down $3 billion value on 19.03% shareholding of Bank of Communications. Bank of Communications is one of China top 5 banks & China state-owned banks.
HSBC Write-Down $3 Billion Value on 19.03% Shareholding of Bank of Communications, Bank of Communications is China Top 5 Banks & China State-Owned Banks
24th February 2024 – HSBC has write-down $3 billion value on 19.03% shareholding of Bank of Communications. Bank of Communications is one of China top 5 banks & China state-owned banks. In the 2024 earning results announcement, HSBC reported $30.3 billion profit for 2023. In 2023, HSBC Premier, Jade & Private Bank AUM (Assets under Management) is at $536 billion, and HSBC reporting net new invested assets of $84 billion with $47 billion of new assets from Asia. HSBC group manages $3 trillion assets with 42 million clients, and has a current market value of $144 billion (23/2/24: GBP 114 billion). In 2023, HSBC wealth & personal banking reported $11.5 billion profit, commercial banking with $13.2 billion profit, global banking & markets with $5.9 billion profit, and corporate centre with $400 million loss. Noel Quinn, HSBC Group Chief Executive: “Our record profit performance in 2023 enabled us to reward our shareholders with our highest full-year dividend since 2008, three share buy-backs last year totalling $7 billion, and a further share buy-back of up to $2 billion. This reflected four years of hard work and the strength of our balance sheet in a higher interest rate environment. We have a strong platform for growth with the opportunities that exist within our two home markets and across our international wholesale, market-leading transaction banking, and wealth management businesses. We are focused on capturing these growth opportunities, improving our earnings sustainability and targeting mid-teens returns in 2024.”
HSBC Reports $30.3 Billion Profit for 2023, HSBC Premier, Jade & Private Bank AUM at $536 Billion, Net New Invested Assets of $84 Billion with $47 Billion from Asia, $3 Trillion Assets with 42 Million Clients, HSBC Current Market Value at $144 Billion, Wealth & Personal Banking $11.5 Billion Profit, Commercial Banking $13.2 Billion Profit, Global Banking & Markets $5.9 Billion Profit, Corporate Centre $400 Million Loss
23rd February 2024 – HSBC has reported $30.3 billion profit for 2023. In 2023, HSBC Premier, Jade & Private Bank AUM (Assets under Management) is at $536 billion, and HSBC reporting net new invested assets of $84 billion with $47 billion of new assets from Asia. HSBC group manages $3 trillion assets with 42 million clients, and has a current market value of $144 billion (23/2/24: GBP 114 billion). In 2023, HSBC wealth & personal banking reported $11.5 billion profit, commercial banking with $13.2 billion profit, global banking & markets with $5.9 billion profit, and corporate centre with $400 million loss. Noel Quinn, HSBC Group Chief Executive: “Our record profit performance in 2023 enabled us to reward our shareholders with our highest full-year dividend since 2008, three share buy-backs last year totalling $7 billion, and a further share buy-back of up to $2 billion. This reflected four years of hard work and the strength of our balance sheet in a higher interest rate environment. We have a strong platform for growth with the opportunities that exist within our two home markets and across our international wholesale, market-leading transaction banking, and wealth management businesses. We are focused on capturing these growth opportunities, improving our earnings sustainability and targeting mid-teens returns in 2024.”
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