The largest shareholder in HSBC has offered for the first time public
support for activist investor Eric Knight and urged the bank to answer questions
he has raised over the bank’s strategy.
“Eric has asked some very sensible questions, well at least some of his questions are sensible, and the market deserves a response,” said Legal & General Investment Management chief executive Peter Chambers.
“Eric has done more work for the banking industry than anybody else I know,” he told journalists at a briefing.
A person familiar with the situation said HSBC had continued to rebuff Knight Vinke’s arguments in meetings conducted during the last two weeks, and which involved LGIM.
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