Rebel investor steps up campaign against HSBC - papers 12 September

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The rebel investor demanding sweeping changes at HSBC, including the possible break-up of the bank, yesterday claimed to have won expressions of interest from nine out of the UK's 30 biggest institutional investors, reports The Guardian .

Eric Knight, whose shareholder group owns about 1% of HSBC, claims that the bank's share price is up to 50% undervalued after a disastrous foray into sub-prime lending in the US, a wasteful $40bn acquisition spree, and a failure to exploit opportunities in China. Yesterday Mr Knight was in London drumming up support for a formal strategic review of HSBC, presenting a 240-page dossier to major institutional investors in which he attacks HSBC's share price performance compared to its rivals. The dossier also highlights what he claims is a deeply flawed boardroom bonus scheme which allows dir...

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