HSBC has hit back at accusations from its biggest investor that it exaggerated the cost of spinning off its Asian operations, saying that doing so would result in a “material loss of value” for its shareholders.
HSBC and insurer Ping An, which owns 8 per cent of the bank’s stock, have exchanged blows ahead of the UK-listed lender’s annual general meeting in two weeks.
Ping An has called for splitting up the bank, though has so far failed to attract support from proxy advisers.
“Structural reforms of HSBC’s Asia Pacific businesses suggested by Ping An would significantly dilute the international business model upon which HSBC’s strategy is based,” the bank said in a statement on Wednesday afternoon.
“This would result in a material erosion of earnings, returns, dividends and shareholder value”.
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