A break up of HSBC Holdings Plc’s Asian unit could unlock US$26.5 billion, or a fifth of its current market value, according to research that could substantiate a push from its largest shareholder to overhaul the bank.
The UK’s Sunday Times said Ping An Insurance Group, HSBC’s biggest shareholder, was the independent third party that commissioned the Toto report, without saying where it got the information. A spokesperson for Ping An declined to comment if it was behind the analysis. Ping An had held discussions with the lender to separate its Asia arm to create shareholder value, Bloomberg reported late April. The campaign prompted an internal review with executives tapping Goldman Sachs Group Inc. on how to rebut Ping An’s case.
“Any of these corporate actions could leave stakeholders no worse off than they are today,” Sarangi said, referring to the scenarios Toto set out. “While spin offs are expensive and complicated transactions, they can unlock value and accelerate growth for both the subsidiary being spin out and the remaining company to the longterm benefit of the company’s stakeholders.
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