HSBC (HKG:0005) renamed its eastern and western business markets "Asia and the Middle East" and "Europe and Americas," respectively, the Financial Times reported Thursday, citing two people with knowledge of the matter.
The renaming follows rumor that the previous branding could suggest the bank was planning a formal east-west split. the report said.
In 2023, major shareholder Ping An Insurance (HKG:2318, SHA:601318) pressured the bank to spin off its operations in Asia, based in Hong Kong, the report said.
However, shareholders rejected the move, according to the newspaper.
HSBC did not immediately respond to a request for comment from MT Newswires.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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