HSBC’s Fight With Top Shareholder Heats Up Before Key Vote

The struggle between HSBC and its largest shareholder over the structure of the bank spilled into the open almost a year ago.

(Bloomberg) — The clash between HSBC Holdings Plc and its biggest shareholder is becoming increasingly heated ahead of a general meeting that will test investor support for a proposal to spin off the bank’s lucrative Asia businesses.

Ping An Insurance Group Co., the leading shareholder, this week publicly called for the creation of “a separately listed Asia business headquartered in Hong Kong,” saying it is “necessary for HSBC to push for structural reform to fundamentally address HSBC’s underlying market competitiveness issues, improve performance, enhance value and accelerate growth opportunities in Asia.”