The Chinese insurance company Ping An discussed the introduction of Asian activities separately in Hong Kong, Bloomberg initially reported. Ping An owns 8.3% of the bank, according to the latest public deposits, a stake worth ,2 8.2 billion. HSBC is increasingly entrenched between its UK-controlled headquarters in Asia and Asia, where many analysts believe its future growth prospects lie. The bank was sharply criticized by lawmakers last year for agreeing to freeze the accounts of pro-democracy activists in Hong Kong. HSBC has also publicly endorsed a law in Hong Kong that is widely regarded as repressive. HSBC earlier this week reported a 30% drop in profits for the first quarter of 2022, amid concerns about rising bankruptcies and the impact of Russia’s invasion of Ukraine. However, its operations in Asia accounted for 61% of adjusted pre-tax profits. However, any dissolution would likely involve a lengthy process with the deep involvement of the UK regulators and the government. No such discussions have started. President Mark Tucker told shareholders at the bank’s annual general meeting on Friday that he was pleased with the current strategy. An HSBC spokesman said the lender was “one of the best performing banks in the world in the last year”. “HSBC has a regular commitment program with all of our investors and is committed to maximizing value for all of our shareholders,” he said. “We believe we have the right strategy and we are focused on implementing it. Implementing this strategy is the fastest way to generate higher returns and maximize shareholder value. “HSBC supports clients, companies and institutions in fixed assets and trading hubs around the world. This network is manifested in our top global franchises in retail, wealth and wholesale banking. “The most important thing for the management to focus on is to continue to have higher returns, as we did with great success, despite the Covid-19 break.” The Financial Times reported that Ping An expressed particular frustration with the Bank of England instruction that UK banks should not pay dividends at the beginning of the coronavirus pandemic. Ping An had also threatened to vote against the bank’s new payroll policy and the re-election of several board members ahead of Friday’s annual meeting, the Financial Times reported. However, 95% of shareholders voted in favor of the resolutions.
