Executives at London-based HSBC and Chinese insurer Ping An plan to meet in the middle of May to discuss the latter’s proposal to spin off the Asian business and then list it in Hong Kong, according to a Reuters report that cited an unnamed sources. According to HSBC's 2021 annual report, Ping An owns 8% of its ordinary shares and is the British bank's largest shareholder. HSBC has yet to directly respond to the proposal, but has maintained that it believes it has the right strategy to generate higher returns and maximise shareholder value. Ping An reportedly called on the London-headquartered bank last week to look at ways to boost returns in a move viewed by some analysts as potentially being driven more by politics than finances.
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