Market Updates
Ping An Suggests Break Up of HSBC
Barry Adams
02 May, 2022
New York City
HSBC Holdings plc traded down 2% in New York but gained 4% in London after China controlled an insurance company and the largest shareholder in the bank proposed a plan to break the company up.
Ping An, the Chinese insurance giant proposed a plan to separate its Asian business from European and U.S. and said that the global network outside Asia adds little incremental value.
China is also worried about the rising tensions with the U.S. and EU-member nations.
The London-based bank earns about two-thirds of its profit from Asia and 52% of revenues in the region.
The news was first reported by British media two weeks ago and Ping An's spokesperson confirmed the proposal in a talk with Reuters.
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