Ping An, the largest stakeholder in HSBC Holdings (HSBA.L), has advocated for the London-based bank to be broken up, according to a source familiar with the subject.
According to earlier media reports citing people acquainted with the subject, Ping An has laid out its strategy to separate the firm from the board of HSBC.
“Ping An supports all reform proposals from investors that can help with HSBC’s operations and long-term value growth,” a spokesperson said on Saturday.
In a statement released on Friday, HSBC declined to comment on Ping An’s role but supported its broader strategy. “We believe we’ve got the right strategy and are focused on executing it,” a spokesperson for the bank said by email.
According to the reports, the idea would create more value for HSBC shareholders by separating the bank’s Asia businesses, where it produces the majority of its money, from the rest of its activities.
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