HSBC‘s largest shareholder, China’s Ping An Insurance, is considering options to reduce its 8% stake in the Asia-focused lender, Bloomberg News reported on Thursday, citing people familiar with the matter.
The Chinese insurance giant, which became a major shareholder in HSBC in 2017 through its asset management arm, has had a tumultuous relationship with the lender in recent years and has been offloading shares in the London-headquartered banking group.
So far this month, Ping An has sold HSBC shares worth $50 million. The report adds that Ping An is considering selling more as it looks to reduce its $13.3 billion stake in the lender.
Ping An has been pushing HSBC to implement a series of reforms, including spinning off its Asia business.
However, HSBC has been focusing on pivoting towards its Asia business and has further reduced its global presence with the recent sale of its Argentinian business.
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