The boss of HSBC has said moves to separate its eastern and western operations are not part of a plan to break up the banking group, as he announced a $3bn share buyback amid better-than-expected profits.
Georges Elhedery pushed back against rumours that a huge restructuring plan announced last week was a sign he was considering hiving off parts of the banking group, which had been under pressure to do so by its largest shareholder, the Chinese insurer Ping An. Investors last year rejected Ping An’s proposals.
