HSBC's Case Against Spinoff Doesn't Convince Largest Shareholder Ping An, Bloomberg Reports
August 11 2022 - 08:48AM
Dow Jones News
--Ping An Insurance Group Co. hasn't been swayed by HSBC
Holdings PLC's arguments against a proposed split of its Asia
operations, saying the bank requires urgent and radical change,
Bloomberg reports, citing an unnamed source.
--According to Ping An's estimates, the spinoff is expected to
generate additional market value of $25 billion to $35 billion,
release $8 billion in capital requirements, and save on headquarter
and infrastructure costs, the person said, Bloomberg reports.
--Moreover, in the insurer's view, a spinoff wouldn't affect the
cross-border wholesale banking revenues that HSBC says are at risk
from any split, according to Bloomberg. Ping An's stance highlights
the continuing chasm between HSBC and its largest shareholder, it
says.
Full story: https://bloom.bg/3vXrpZ9
Write to Nihad Ahmed at nihad.ahmed@wsj.com
(END) Dow Jones Newswires
August 11, 2022 09:33 ET (13:33 GMT)
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