HONG KONG (Reuters) – Chinese insurer Ping An Insurance Group believes HSBC has overstated the challenges and difficulties of spinning off the bank, according to a source with direct knowledge of the thinking of the Asia-focussed bank’s biggest shareholder.
The bank has came under pressure from Ping An in April to explore options including spinning off its mainstay Asia business to increase shareholder returns.
HSBC pushed back against the proposal earlier this month.
Ping An declined to comment, while HSBC did not immediately respond to requests for comment.
(Reporting by Selena Li in Hong Kong and Lawrence White in London; Wriitng by Sumeet Chatterjee; Editnig by Kim Coghill)
