At stake: Chinese insurance group Ping An has an 8% stake in HSBC
HSBC’s largest shareholder appears set to cut its stake in what could be a big win for the banking giant.
Chinese insurance group Ping An has an 8 per cent stake in Europe’s biggest lender, valued at around £10bn.
But the relationship has been tumultuous, with Ping An pressuring 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 £40m so far this month, and is considering options to sharply reduce its stake, according to Bloomberg.
One option is said to be more sales similar to the £40m revealed last week.
Selling to a sovereign wealth fund or a wealthy investor in the Middle East is another possibility, according to the report.
HSBC Chief Executive Noel Quinn announced last month that he was stepping down after 37 years at the bank, including five in the top job. HSBC and Ping An declined to comment.