HSBC has hit again at accusations from its largest investor that it exaggerated the price of spinning off its Asian operations, saying that doing so would lead to a “materials lack of worth” for its shareholders.

HSBC and insurer Ping An, which owns 8 per cent of the financial institution’s inventory, have exchanged blows forward of the UK-listed lender’s annual common assembly in two weeks.

Ping An has known as for splitting up the financial institution, although has up to now failed to draw assist from proxy advisers.

“Structural reforms of HSBC’s Asia Pacific companies urged by Ping An would considerably dilute the worldwide enterprise mannequin upon which HSBC’s technique is predicated,” the financial institution mentioned in an announcement on Wednesday afternoon.

“This may lead to a fabric erosion of earnings, returns, dividends and shareholder worth”.