HSBC top shareholder renews call for breaking up of bank

HSBC logo is seen on a branch bank in the financial district in New York, U.S., August 7, 2019. REUTERS/Brendan McDermid

HONG KONG, April 18 (Reuters) – Top shareholder of HSBC (HSBA.L) renewed its call for breaking up of the Asia-focused bank on Tuesday, saying the lender has failed to address key business model challenges which has resulted in deterioration in its operating performance.

Ping An Asset Management Company (Ping An AMC) said in a statement HSBC has "drained" its Asia unit of dividends and growth capital to support its relatively low-return non-Asia businesses.

Over the past two years, Ping An AMC said it had shared numerous structural suggestions with HSBC management ranging from listing the HSBC Asia business in Hong Kong to consolidating Asia businesses.

Read Next

• WorldcategoryUS arrests two for setting up Chinese 'secret police station' in New York, article with video8:48 AM UTC
• FinancecategoryUBS makes changes to buyback programme following Credit Suisse takeover, article with image6:31 AM UTC
• FinancecategoryHSBC shareholder Ping An to vote for bank's break-up at annual meeting -source, article with imageApril 17, 2023
• FinancecategoryUS financial institutions hit by deposit flight as clients seek higher returns, article with galleryApril 17, 2023

Source reuters.com