HSBC’s biggest shareholder hits out at bank’s refusal to split up Asia business

Ping An Asset Management has called for HSBC to restructure saying it will improve performance, enhance value and accelerate growth opportunities.

HSBC’s biggest shareholder has said it is ‘extremely disappointed’ in the bank’s failure to split up its Asia business (Tim Ireland/ PA) (PA Wire)

HSBC’s biggest shareholder has said it is “extremely disappointed” in the bank’s failure to split up its Asia business and criticised its “closed-minded attitude” in considering restructuring proposals.

Ping An Asset Management, which owns an 8% stake in the global banking giant, has been in a long-running dispute with HSBC over calls for a spin-off, which would see a separate Hong-listed business headquartered in Asia.

HSBC has repeatedly argued that breaking up the bank would be costly and destroy value for shareholders.