- Ping An Insurance Co, HSBC Holdings plc’s (NYSE:HSBC) largest shareholder, has called for radical cost-cutting measures to boost the bank’s profits.
- The insurance firm owns around 8% of the bank and said it would potentially support spinning off part of the company, Wall Street Journal reported.
- The company had previously proposed splitting HSBC’s Asian units—which provide the bulk of the company’s profits.
- “As one of HSBC’s major shareholders, we are most concerned about HSBC’s performance, dividends, and market capitalization,” Huang Yong, chairman of Ping An Asset Management, said in the comments.
- “HSBC’s performance on these indicators has been far below that of an equivalent peer group and far below the expectations of most shareholders.”
- In October, HSBC said it was considering selling its business in Canada without disclosing the potential valuation of the business. But the antitrust challenge could discourage big domestic banks from bidding.
- HSBC reported Q3 profit after tax of $2.56 billion, down from $4.24 billion a year ago, and profit before tax fell to $3.1 billion from $5.4 billion.
- The results included an impairment of $2.4 billion following the reclassification of retail banking operations in France to held for sale, net charge for expected credit losses, and other credit impairment charges.
- Price Action: HSBC shares are up 8.01% at $27.97 on the last check Friday.
CNS Pharmaceuticals Announces Successful Interim Analysis Of Efficacy And Safety Data In Potentially Pivotal Study Of Berubicin; Independent DSMB Recommends Continuing Clinical Trial Of Berubicin Without Modification
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