HSBC chair Mark Tucker has been forced to defend the purchase of Silicon Valley Bank’s UK business at a fractious meeting with shareholders in Hong Kong.
Local investors at the event in Kowloon’s international trade centre were forthright in their criticism of the bank’s senior leadership, over a deal struck in the course of a weekend after California-based SVB was shut down by regulators.
One shareholder said it seemed too rushed and risky and asked whether HSBC was acting on the orders of the UK government, remarks that prompted applause from the hundreds-strong audience.
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