- Ping An Insurance Co, HSBC Holdings plc HSBC largest shareholder, has called for radical cost-cutting measures to boost the bank’s profits.
- The insurance company owns around 8% of the bank and said it might support it be crazy Part of the company, the Wall Street Journal reported.
- The company had previously proposed splitting up HSBC’s Asian units, which majority of the company’s profits.
- “As a major shareholder of HSBC, we are most concerned about HSBC’s performance, dividends and market capitalization,” said Huang Yong, chairman of Ping An Asset Management, in the comments.
- “HSBC’s performance on these indicators was well below that of a comparable peer group and well below the expectations of most shareholders.”
- In October, HSBC announced that it was considering selling its business in Canada without disclosing the potential valuation of the business. But the antitrust challenge could discourage large domestic banks from bidding.
- HSBC reported third-quarter profit after tax of $2.56 billion compared to $4.24 billion a year earlier, and profit before tax fell to $3.1 billion from $5.4 billion. Dollar.
- Results included an impairment charge of $2.4 billion following the reclassification of the retail banking business in France to held for sale, net expected credit loss expense and other charges for credit reductions.
- Price promotion: HSBC shares are up 8.01% to $27.97 on the latest check Friday.
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