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HSBC Counters Calls for Strategy Change

Stephen Harris

7 September 2007

HSBC’s strategy has been questioned by shareholder activist group Knight Vinke after holding talks with the global banking group's finance director, Douglas Flint, and Stephen Green, HSBC's executive chairman. In a statement, Knight Vinke requests that HSBC “undertake a fundamental review of the group's strategy in consultation with shareholders”. Following the statement, Michael Geoghegan, HSBC’s chief executive, was reported by The Times as saying, “The key investors we speak to understand and support the strategy we have set for HSBC. And it's working. We need to join up, not break up. “The break-up debate neglects the unique opportunity available to HSBC through its global franchise.”