A group of more than 3,000 investors gathered in Hong Kong, demanding the British lender to ignore Bank of England orders and make the final dividend payout for 2019.
The bank’s shares have a longstanding history as a source of income for many Hong Kongers and amongst other demands included was a call to scrap compensation for HSBC’s top management for one year.
Enraged investors gathered to condemn the bank’s recent decision to drop dividend payments as per the request of banking regulator Prudential Regulation Authority, a BoE arm. HSBC, alongside Standard Chartered and others, subsequently announced that they would comply with the regulator’s wishes in light of the ongoing health crisis.
Angry Shareholders
«I bought HSBC shares because it always pays a high dividend,” said a shareholder surnamed Wong who cried at a media briefing earlier this week, according to an «SCMP» report, claiming to have missed a $4,200 dividend payment from 20,000 shares.
«I bought 10,000 shares on February 27 after it announced its fourth dividend. But on April 1, it said the payment is canceled. How can a big bank lie to a small shareholder like me?»
«Why is HSBC a Hong Kong bank but it follows the rules of the U.K. regulator?» said another investor surnamed Lee, who claimed that 100 percent of his savings were invested in the bank’s shares. «Does it mean if the U.K. regulator needs it, it may take all the Hong Kong depositors’ money to meet what the UK needs?»
