Chinese insurer Ping An said HSBC had “exaggerated” the “costs and risks” of spinning off its Asian operations, as the bank’s largest shareholder used a rare public statement to ramp up pressure on the lender to separate its business.
Michael Huang, chair of Ping An Asset Management, said in a statement on Tuesday that although a split would involve initial costs, these should be “open-mindedly weighed against the benefits”.
He added that over the past two years Ping An had suggested a range of ideas for a split, from listing HSBC’s Asia business in Hong Kong to consolidating its operations across the region.
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