Exclusive: HSBC, Ping An executives plan meeting to discuss breakup proposal

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© Reuters. A woman wearing a protective face mask walks past a logo of HSBC bank at the financial and business district of La Defense near Paris as France begun a gradual end to a nationwide lockdown due to the coronavirus disease (COVID-19), May 11, 2020. REUTERS/G

SINGAPORE (Reuters) – Top executives of HSBC and Ping An will meet in mid-May to discuss the Chinese insurer’s proposal that HSBC should explore options including spinning off its Asian business, a source familiar with the matter said on Wednesday.

Ping An, London-headquartered HSBC’s biggest shareholder, last week called on HSBC to look at ways to boost its returns.

The source declined to be identified due to the sensitivity of the situation.

Ping An and HSBC did not immediately respond to Reuters request for comment.

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