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At the Annual General Meeting of HSBC Holdings plc, held at The InterContinental London O2, London, UK today, the following statements were issued by Group Chairman, Mark Tucker and Group Chief Executive, Noel Quinn.
Following its Annual General Meeting ("AGM") held today, HSBC Holdings plc (the "Company") announces the results of the poll vote for each of the resolutions set out in the Notice of AGM.
HSBC Holdings plc ("HSBC") announces that, as outlined in its announcement on 30 April 2024, it will commence a share buy-back of HSBC's ordinary shares of US$0.50 each ("Ordinary Shares") for up to a maximum consideration of US$3,000,000,000 (the "Buy-back"). The purpose of the Buy-back is to reduce HSBC's outstanding Ordinary Shares.
HSBC has entered into irrevocable, non-discretionary buy-back agreements with Morgan Stanley & Co. International plc ("Morgan Stanley") to enable the purchase of Ordinary Shares by Morgan Stanley, acting as principal, during the period running from 8 May 2024 and ending no later than 26 July 2024 (subject to regulatory approval remaining in place), for an aggregate purchase price of up to US$3,000,000,000 and the simultaneous on-sale of such Ordinary Shares by Morgan Stanley to HSBC.
On 30 April 2024, the Directors of HSBC Holdings plc approved a first interim dividend in respect of the financial year ending 31 December 2024 of US$0.10 per ordinary share and a special dividend of US$0.21 per ordinary share. The combined dividend of US$0.31 per ordinary share (the 'Dividend') is payable on 21 June 2024 to holders of record on 10 May 2024 on the Principal Register in the United Kingdom, the Hong Kong Overseas Branch Register or the Bermuda Overseas Branch Register. The Dividend is payable in cash in United States dollars, sterling or Hong Kong dollars, or a combination of these currencies.
Dividends payable in cash in Hong Kong dollars or sterling were converted from United States dollars at the forward exchange rates quoted by HSBC Bank plc in London at or about 11.00 am on 11 June 2024 (US$1=HK$7.806880 and £1=US$1.273458). Accordingly, the cash Dividend payable on 21 June 2024 will be:
approximately £0.243432 per ordinary share.
HSBC named Mr Georges Elhedery, a former head of its investment bank, as its new chief financial officer in a surprise move that leaves him in pole position to eventually succeed chief executive Noel Quinn.
The sudden elevation of Mr Elhedery, 48, at the London-headquartered bank comes after he took a six-month sabbatical in January, citing a desire to travel with his family and explore personal interests.
Mr Quinn told Reuters that while departing CFO Ewen Stevenson, 56, had done a good job restructuring the bank over the last three years, the move was done with succession in mind – with the apparent effect of catapulting Mr Elhedery to the front of the queue.
HSBC Holdings plc (the 'Company') today announces that Georges Elhedery has been appointed as Group Chief Executive, with effect from 2 September 2024.
HSBC Group Chairman, Sir Mark Tucker, said: "I am delighted to confirm Georges as the next HSBC Group Chief Executive. He is an exceptional leader and banker who cares passionately about the Bank, our customers, and our people. He has a track record of leading through change, driving growth, delivering simplification, containing costs and brings a strong focus on execution.
During his career he has worked in Asia, the Middle East and Europe. Since joining the Board as Group Chief Financial Officer in early 2023 and throughout the selection process, he has demonstrated his strategic insight and vision, and deep international perspectives.
The Board concluded that Georges was the outstanding candidate and we look forward to working together as he leads HSBC through the next phase of development and growth."
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