HSBC’s top shareholder ramps up its campaign to spin off Asia business

Break up HSBC to unlock £28bn, say Chinese: Bank’s top shareholder Ping An ramps up campaign to spin off Asia business

HSBC’s largest shareholder has escalated its campaign to spin off the bank’s Asia business as the stand-off between the two looks set to turn ugly.

Ping An hit back at chairman Mark Tucker and chief executive Noel Quinn’s arguments against separation, stating that carving out HSBC’s lucrative Asian operations, which produce around two-thirds of the bank’s profits, will unlock between £20billion and £28billion of added market value.

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