HSBC executives cash in shares worth HK$46m
Top three sold holdings on same day banking giant announced 18pc rise in underlying profit
HSBC plans to raise its dividends in the first three quarters this year, but its three top executives are not waiting to reap the full benefit of this move.
Chief executive Stuart Gulliver, chairman Douglas Flint and finance director Iain Mackay sold shares worth a total of £4 million (HK$46.6 million) on Monday.
That was the day the global banking giant announced its results for last year, with an 18 per cent rise in underlying profit, but a fall of 6 per cent in pretax profit.
The Hong Kong stock exchange forbids directors from buying or selling their company's shares for one month before full-year results are announced.
As soon as HSBC's closing period ended, Gulliver sold 500,148 shares, about 10 per cent of his holdings. Flint sold 60,658 shares, and Mackay sold 8,618 shares.
We don't know their circumstances, and that is not a significant change of ownership. They are just selling down their interest
The shares were sold in London for £7.108 apiece. Gulliver reaped £3.5 million from the sale. Flint and Mackay got £431,300 and £61,200 respectively.