Ping An (PNGAY), China’s largest insurer, is pushing for HSBC to overhaul its structure, which could mean ultimately decoupling the bank’s hugely profitable Asian business from its Western activities, according to a person familiar with the matter.The Chinese insurer has been calling for HSBC (HSBC) to explore a reorganization, with an eye on boosting its valuation, as well as simplifying its regulatory requirements around the globe, the person told CNN Business.
Ping An spoke with HSBC privately, ahead of the bank’s earnings and annual shareholder meeting last week, though it did not recommend a specific path forward, according to the person. But options would include spinning off the lender’s Asian business or creating a separate entity in Hong Kong, the bank’s biggest market.
HSBC shares jumped 2.6% in Hong Kong and were trading about 0.6% up in London on Tuesday. Ping An’s intervention was first reported over the weekend by the…
