08:52 AM EDT, 10/29/2024 (MT Newswires) -- HSBC Holdings ( HSBC ) Chief Executive Georges Elhedery denied speculations that he is planning to split the bank into two entities amid rising geopolitical tensions between China and the West, The Telegraph reported Tuesday.

"We have taken five regional governances down to two as part of the simplification drive," Elhedery was quoted saying in the report. "There is no geopolitical reason why we have done this and there is no intent whatsoever - or preparation - other than this just being a simpler way to deliver for our customers."

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