18th Mar 2015 12:41
LONDON (Alliance News) - HSBC Holdings PLC Wednesday said it is appointing PricewaterhouseCoopers LLP to replace KPMG as its auditor, following a competitive tender process.
According to HSBC, the new auditor's appointment will be voted on by shareholders on April 24 at its annual meeting of shareholders.
KPMG will cease to be the auditor from the end of March.
"KPMG has confirmed that the circumstances connected with its ceasing to hold office are the holding of a competitive tender for the audit, in which KPMG was unsuccessful in retaining the audit. KPMG has confirmed that there are no other matters that need to be brought to the attention of the shareholders," HSBC said in a statement.
HSBC shares were up 0.9% at 575.40 pence per share on Wednesday afternoon.
By Samuel Agini; [email protected]; @samuelagini
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