The largest shareholder of HSBC Holdingsthe Chinese insurance giant Ping Anhas asked that the British bank be dissolved, the media reported this Friday, including the Financial Times Y Bloomberg.
Ping An has submitted its plan for dissolution to the HSBC board, reportedly citing people familiar with the matter.
The plan would allow to obtain a greater value for the HSBC shareholders by separating its business in Asia, where the bank gets most of the money, and other areas, according to reports.
British media had first reported the plan last week, without identifying the shareholder.
The HSBC Chairman Mark Tuckerdeclined to comment on early media reports of a then-unnamed shareholder calling for the separation, when asked about it at the bank’s annual shareholders’ meeting on Friday.
The bank has a policy of not commenting on media speculation, he said.
HSBC did not immediately respond to requests for comment, while Ping An could not be immediately reached for comment.
Ping An an owned an 8.23% stake in the banking giant as of February 11, according to Refinitiv data.