HSBC has hit back at accusations from its biggest investor that it exaggerated the cost of spinning off its Asian operations, saying such a break-up would result in a “material loss of value” for its shareholders.
HSBC and insurer Ping An, which owns 8 per cent of the bank’s stock, have exchanged blows in the run-up to the UK-listed lender’s annual general meeting in two weeks.
Ping An has called for the bank to be split up, though has so far failed to attract support from other large shareholders or proxy advisers.
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