HSBC to revert to paying quarterly dividends from 2023
Aims to win over investors with higher profitability target
Says demerger of Asian business has huge risks
London shares rise 6

LONDONSINGAPORE, Aug 1 Reuters HSBC pushed back on a proposal by top shareholder Ping An Insurance Group Co of China to split the lender, a move Europe39;s biggest bank said would be costly, while posting profits that beat expectations and promising chunkier dividends.

Londonheadquartered HSBC39;s comments on Monday represent its most direct defence yet since news of Ping An39;s proposal for carving out the lender39;s Asian operations broke in April. It comes ahead of HSBC39;s meeting with shareholders in Hong Kong on Tuesday where the Chinese insurer39;s proposal will be discussed.

And in moves that pleased investors, HSBC raised its target for return on tangible equity, a key performance metric, to at least 12 from next year versus a 10 minimum flagged earlier. It also vowed to revert to paying quarterly dividends from early 2023.

HSBC39;s shares rose 6 in early London trade on Monday, the highest since endJune.

We have sympathy for Ping An and all our shareholders that our performance has not been where it needed to be for the last 10 years, Chief Executive Noel Quinn, who has run the bank for more than two years, told analysts.

Asia is HSBC39;s biggest profit centre, with the region39;s share of the lender39;s profit rising to 69 in the first half from 64 a year ago.

Without…