Ping An doubles down on campaign to break up HSBC

HSBC’s largest shareholder Ping An has doubled down on its campaign to break the bank up. Photograph: Louise Delmotte/BloombergHSBC’s largest shareholder Ping An has doubled down on its campaign to break the bank up, rejecting executives’ recent arguments that a split would take too long, cost too much and damage earnings from its global network.

The insurer is also dismissive of HSBC’s assertion that an expensive new IT system would have to be built over a five-year period and that billions in cross-border investment banking revenues would be lost as clients desert the lender, wary of dealing with a China-headquartered entity. A day later, chairman Mark Tucker met retail shareholders – which own about a third of the stock and who were also incensed by the Covid-era dividend cancellation – to set out 14 reasons why he believes that “the best structure is our existing structure”. He argued that a break-up would be a “hugely complex exercise” that would “negatively impact the ability of Hong Kong to remain a vibrant dynamic international financial centre”.

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