HSBC’s largest shareholder calls for dissolution of banking giant

Reuters.- HSBC Holdings’ largest shareholder, Chinese insurance giant Ping An, has called for the British bank to be dissolved, media outlets including the Financial Times y Bloomberg.

Ping An has submitted its plan for dissolution to the HSBC board, reportedly citing people familiar with the matter.

The plan would deliver greater value to HSBC shareholders by separating its business in Asia, where the bank makes most of the money, and other areas, according to reports.

British media had first reported the plan last week, without identifying the shareholder.

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HSBC Chairman Mark Tucker declined to comment on early media reports of a then-unnamed shareholder calling for the separation, when asked about it at the bank’s annual shareholders’ 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 an 8.23% stake in the banking giant as of February 11, according to Refinitiv data.

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