HSBC, Ping an Executives Plan Meeting to Discuss Breakup Proposal – Source

Top executives of HSBC and Ping An will meet in mid-May to discuss the Chinese insurer’s proposal that HSBC should explore options including spinning off its Asian business, a source familiar with the matter said on Wednesday.

Ping An, London-headquartered HSBC’s biggest shareholder, last week called on HSBC to look at ways to boost its returns, Reuters reported.

The source declined to be identified due to the sensitivity of the situation.

Ping An and HSBC did not immediately respond to Reuters request for comment.