LONDON : HSBC has rejected its largest shareholder Ping An's latest proposal to restructure the bank and separate its Asia business into a Hong Kong-listed entity, saying it would result in a material loss of value for shareholders.Europe's largest bank said in a statement published on Wednesday that it h
LONDON : HSBC has rejected its largest shareholder Ping An's latest proposal to restructure the bank and separate its Asia business into a Hong Kong-listed entity, saying it would result in a material loss of value for shareholders.
Europe's largest bank said in a statement published on Wednesday that it had had extensive meetings with Ping An, including around 20 meetings at a senior level, but their remained disagreement. "HSBC is a global systemically important bank. It is not in the interests of its shareholders, customers or stakeholders for HSBC's structure to remain the subject of prolonged debate," the statement added.
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