HSBC rebuffs Ping An's fresh proposal to spin off bank's Asia business

HSBC rebuffs Ping An's fresh proposal to spin off bank's Asia business

FILE PHOTO: The HSBC bank logo is seen in the Canary Wharf financial district in London, Britain, March 3, 2016. REUTERS/Reinhard Krause

HSBC has hit back at its largest shareholder Ping An’s latest proposal to restructure the bank and separate its Asia business into a Hong Kong-listed entity, saying it would result in a material loss of value for shareholders.