Breakup plan: A customer enters the HSBC bank’s main building in Hong Kong. Ping An is urging HSBC to consider options including breaking the firm apart and listing its Asian operations separately on the stock market. — AFP
LONDON: For years, HSBC Holdings Plc and Ping An Insurance Group Co enjoyed a cozy relationship, from the turns they took financially backing each other to the easy rapport between their influential chairmen.
That’s why shock rippled through the top ranks of the US$3 trillion (RM13.1 trillion) British bank when it emerged the firm’s biggest shareholder was pushing for the most dramatic split in banking history.
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