LONDON (Reuters) – 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.
(Reporting by Iain Withers; editing by Dhara Ranasinghe)
