HSBC eyes victory in Asia battle as greatest investor appears to be like to chop stake
Stake: The Chinese insurance group Ping An has an 8% holding in HSBC
The biggest shareholder in HSBC looks set to cut its stake in what could be a major victory for the banking giant.
The Chinese insurance group Ping An has an 8 per cent holding in Europe’s largest lender, worth some £10billion.
But the relationship has been tumultuous, with Ping An pushing the London-based lender to implement reforms including spinning off its Asia business.
HSBC has resisted such a move – although it has increased its focus on Asia, where it makes most of its money.
Ping An has been selling shares, offloading £40million so far this month, and is mulling options to dramatically reduce its stake, according to Bloomberg.
One option is said to be further sales similar to the £40million disclosed last week.
Selling to a sovereign wealth fund or rich investor in the Middle East is another possibility, according to the report.
HSBC chief executive Noel Quinn last month announced he was stepping down after 37 years at the bank, including five in the top job. HSBC and Ping An declined to comment.
