October 3, 2022

HSBC rejects demerger of Asian business, citing huge risks

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Pedestrians wearing face masks following the coronavirus disease (COVID-19) outbreak, walk past a HSBC bank branch in Hong Kong, China February 22, 2022. REUTERS/Lam Yik

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LONDON/SINGAPORE, Aug 1 (Reuters) – HSBC said on Monday a demerger or spinoff of its Asian business risks huge one-off execution costs, higher taxes and ongoing running costs for the bank, in its most detailed rebuttal yet to calls from its largest shareholder to break up the bank.

Sources said in April that Ping An Insurance Group Co of China Ltd (601318.SS) had urged HSBC to explore strategic options such as spinning off its mainstay Asian business to unlock greater shareholder value. read more

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Reporting by Lawrence White and Anshuman Daga; Editing by Muralikumar Anantharaman

Our Standards: The Thomson Reuters Trust Principles.



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