HSBC in Talks With Ping An But Pushes Back on Break Up Call
- HSBC CEO downplays politics, says Ping An issues ‘commercial’
- Potential conflict of interest if Ping An takes board seat
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HSBC Holdings Plc is in talks with its biggest shareholder, Ping An Insurance Group Co., but continues to push back at suggestions that the banking giant should be split up.
Ping An has held talks with HSBC on the idea of spinning off the bank’s Asian operations and listing them separately in Hong Kong, Bloomberg reported in April. China’s largest insurer owned more than 8% of London-based HSBC at the end of 2021. A majority of HSBC’s profit before tax comes from Asia, compared to roughly a fifth from Europe.