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

LONDON (Reuters) – HSBC is unlikely to nominate an government of its largest shareholder Ping An Insurance coverage Group of China to its board because of a battle of curiosity, HSBC Chief Govt Noel Quinn informed reporters on Monday.

“There may be the potential for battle of curiosity given there’s an overlap of their enterprise mannequin with ours when it comes to insurance coverage and banking,” Quinn mentioned.

Quinn’s remarks comply with media reviews of Hong Kong lawmakers calling on HSBC to make such a transfer, and a wider debate between the British financial institution and its largest shareholder Ping An over technique.

(Reporting By Lawrence White; Enhancing by Hugh Lawson)