HSBC rejects Ping An break-up call, promises higher dividend ...Qatar

HSBC pushed back on a proposal by top shareholder Ping An Insurance Group Co of China to split the lender, a move Europe’s biggest bank said would be costly, while posting profits that beat expectations and promising chunkier dividends. London-headquartered HSBC’s comments yesterday represent its most direct defence yet since news of Ping An’s proposal for carving out the lender’s Asian operations broke in April. It comes ahead of HSBC’s meeting with shareholders in Hong Kong on Tuesday where the Chinese insurer’s proposal will be discussed. And in moves that pleased investors, HSBC raised its target for return on tangible equity, a key performance metric, to at least 12% from next year ver

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