HSBC responds to Ping An pressure with dividend boost
Bank’s chief rules out splitting operations despite demands by largest shareholder.
HSBC raised its dividend to the highest level in four years and said it may hand out a further special payout next year, as it seeks to fend off break-up calls from its largest shareholder Ping An.
The UK- and Hong Kong-listed bank also said it would consider share buybacks sooner than expected. The moves came as it reported quarterly pre-tax profits rose to $5.2bn, surpassing expectations, as higher interest rates boosted revenues.
HSBC’s push to please its shareholders comes as it faces pressure from Ping An, a Chinese insurance group which owns just over 8 per cent of the bank’s shares and is lobbying for a split of its Asian and western operations.