Chinese insurer urges spinoff of Asian business to improve returns
Singapore/Hong Kong —
HSBC shares added 1.85% in Hong Kong trade, helping lift the broader market, which edged up 0.1% to pare earlier market declines. The Hong Kong and London bourses were closed on Monday for a holiday. CEO Noel Quinn, who has run the bank for the past two years, is ploughing billions into Asia to drive growth, with a focus on wealth management, and has also moved global executives there.Ping An, China’s largest insurer, said on Saturday that it supports all reform proposals from investors that could help with HSBC’s long-term value growth.
But they noted that potentially large restructuring costs, lower network income, higher post-separation costs from reduced benefits of scale and, importantly, low valuations for UK domestic banks would eat into the upside of any break-up. The bank employs 220,000 staff and caters to about 40-million customers worldwide through a network that covers 64 countries and territories.
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