HSBC CEO Noel Quinn to Retire, Bank Reports Quarterly Profit and Share Buybacks

Ping An Insurance Considers Reducing Stake in HSBC Amid Ongoing Reforms

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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About Nicholas Edwards

Nicholas Edwards is a passionate writer with a keen interest in sports and business news. With a knack for delivering insightful and engaging content, Nicholas keeps his finger on the pulse of the latest developments in these dynamic fields. His enthusiasm for both sports and business shines through in his writing, making complex topics accessible to a wide audience. Whether it's dissecting the latest game-changing play or analyzing market trends, Nicholas brings a fresh perspective and a wealth of knowledge to his articles. Email @ [email protected]

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