May 4, 2022

A historic break-up brews at HSBC

After his predecessor John Flint was sacked several years ago when the board decided his own turnround plan lacked ambition, the HSBC boss pulled off one of the largest overhauls in the 157-year-old bank's history to expand its Asia business. A decade ago HSBC was Ping An's biggest shareholder. HSBC has been walking a geopolitical tightrope to maintain the support of Beijing after deploying more than $100bn of fresh capital into the region. Ping An isn't the first HSBC shareholder to call for a split, but it's by far the most significant, the FT's Tabby Kinder and Stephen Morris write. "For a long time, the Chinese have claimed that HSBC has shifted resources overseas and had an unfair advantage as they control all of the money supply in Hong Kong," said one banking boss.

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