July newsletter
Special dividend delivered!
We’ve paid our shareholders the special dividend that we promised following the sale of our business in Canada.
The US$0.21 per share we paid out last month is in addition to our first interim dividend for 2024 (US$0.10) and reflects our confidence in our strategy and balance sheet.
The special dividend and interim dividend were announced when we released our 1Q results in April.
David Liao, our Co-Chief Executive for Asia-Pacific, said: “In 2023 we reported record profits before tax, which exceeded US$30 billion for the first time ever. We are now sharing the fruits of this achievement with our investors through the highest dividend HSBC has paid since the global financial crisis.
“I’d like to take this moment to thank our retail shareholders in particular for their loyalty and support. As a fellow shareholder, I'm pleased the success of our international strategy has enabled improved returns for all of us.”
Citi retail wealth deal completes
We’ve completed our acquisition of Citi’s retail wealth management portfolio in mainland China, integrating it into our core wealth business in HSBC Bank China.
We’re delighted to be bringing more than 300 former Citi employees into the HSBC family, and to be welcoming wealth customers across 11 major cities in mainland China.
Nuno Matos, Chief Executive Officer, Wealth and Personal Banking, said: “HSBC aims to be the leading international wealth manager for mass affluent and high-net-worth individuals in mainland China. This portfolio complements our growing set of wealth businesses in the country, demonstrating our commitment to the Chinese market and to helping our clients diversify their assets and enhance their long-term returns.”
The deal is another milestone as we strengthen our wealth capabilities, particularly in Asia, where expansion in mainland China is a core component of our growth strategy.
In 2023, HSBC in mainland China grew wealth invested assets by 53% and our wealth client base by more than 30% year on year.
Empowering the next generation of business leaders
Did you know that we host the world’s largest business case competition for undergraduate students here in Hong Kong – and have done for the past 17 years?
Organised together with the University of Hong Kong, the HSBC/HKU Asia Pacific Business Case Competition aims to provide the next generation of business leaders with skills that could help drive the global economy.
In the contest, which has so far reached over 90,000 students worldwide, teams of students are given real-life challenges about how to run a business. They then present their solutions to an expert panel.
This year, a team from The Hong Kong University of Science and Technology won the contest with their immense creativity!
We’re equally proud of the other finalists from University of Sydney, Nanjing University and University of Delhi, who have shown us a glimpse of how bright our future could be in their hands.