HSBC chair Mark Tucker has issued a rebuke to the bank’s largest shareholder Ping An, rejecting calls to split its Asian and western operations and stating that “the best structure is our existing structure”.
In an occasionally tense meeting in Hong Kong’s Kowloon international trade centre on Tuesday, Tucker warned about 1,000 of HSBC’s retail shareholders that a break-up of its business would result in large costs over five years, a fall in the bank’s share price and reduced dividends.
It would be a “hugely complex exercise and our belief has been that the best strategy is to continue with positive momentum we currently have and not risk a major structural change”.
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