UK markets closed
  • FTSE 100

    7,439.74
    -8.32 (-0.11%)
     
  • FTSE 250

    20,051.48
    -104.28 (-0.52%)
     
  • AIM

    920.38
    -2.34 (-0.25%)
     
  • GBP/EUR

    1.1851
    -0.0010 (-0.09%)
     
  • GBP/USD

    1.2071
    -0.0088 (-0.72%)
     
  • BTC-GBP

    19,109.57
    -204.53 (-1.06%)
     
  • CMC Crypto 200

    533.20
    -2.02 (-0.38%)
     
  • S&P 500

    4,145.19
    -6.75 (-0.16%)
     
  • DOW

    32,803.47
    +76.65 (+0.23%)
     
  • CRUDE OIL

    88.53
    -0.01 (-0.01%)
     
  • GOLD FUTURES

    1,772.60
    -15.90 (-0.89%)
     
  • NIKKEI 225

    28,175.87
    +243.67 (+0.87%)
     
  • HANG SENG

    20,201.94
    +27.90 (+0.14%)
     
  • DAX

    13,573.93
    -88.75 (-0.65%)
     
  • CAC 40

    6,472.35
    -41.04 (-0.63%)
     

HSBC says conflict of interest probably prevents appointing Ping An to board

  • Oops!
    Something went wrong.
    Please try again later.
·1-min read
FILE PHOTO: The HSBC bank logo is seen at their offices in the Canary Wharf financial district in London
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

LONDON (Reuters) - HSBC is unlikely to appoint an executive of its biggest shareholder Ping An Insurance Group of China to its board due to a conflict of interest, HSBC Chief Executive Noel Quinn told reporters on Monday.

"There is the potential for conflict of interest given there is an overlap in their business model with ours in terms of insurance and banking," Quinn said.

Quinn's remarks follow media reports of Hong Kong lawmakers calling on HSBC to make such a move, and a wider debate between the British bank and its largest shareholder Ping An over strategy.

(Reporting By Lawrence White; Editing by Hugh Lawson)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting