Shareholder Criticizes HSBC’s Rejection of Asia Business Separation Proposal

The principal investor in HSBC has expressed its disapproval of the bank’s inability to divide its Asian business and condemned its lack of openness when reviewing restructuring suggestions. Ping An Asset Management, which holds an 8% share in the international financial institution, has been embroiled in a protracted disagreement with HSBC over proposals for a spin-off that would involve establishing an independently listed business based in Hong Kong. HSBC has incessantly maintained that partitioning the bank would be an expensive move and result in a loss of worth for its shareholders.