Salem Radio Network News Saturday, May 28, 2022

Business

HSBC’s top shareholder calls for banking giant’s break-up – reports

LONDON (Reuters) – HSBC Holdings’s largest shareholder, Chinese insurance giant Ping An, has called for the British bank to break itself up, media, including the Financial Times and Bloomberg, reported on Friday.

Ping An has set out its plan for a break-up to HSBC’s board, the reports said, citing people familiar with the matter.

The plan would unlock greater value for HSBC shareholders by separating its Asia business, where the bank makes most of its money, and other parts, the reports said.

British media reports first described the plan last week, without identifying the shareholder.

HSBC Chairman Mark Tucker declined to comment on the original media reports about a then-anonymous shareholder asking for the break-up, when asked about it at the bank’s annual shareholder meeting on Friday.

The bank has a policy of not commenting on media speculation, he said.

HSBC did not immediately respond to requests for comment, while Ping An could not immediately be reached for comment.

Ping An an owned 8.23% stake in the banking giant as of Feb. 11, according to Refinitiv data.

(Reporting by Lawrence White in London and Radhika Anilkumar in Bengaluru; Editing by Arun Koyyur and Louise Heavens)

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