An Asian shareholder is lobbying HSBC to split ifs operations into two, according to multiple reports this weekend.
Chinese insurance giant Ping An, which owns just shy of ten per cent of the bank, is believed to want HSBC’s Asian business listed in Hong Kong and the rest to stay in London.
Ping An is said to be looking for a stalking horse to drive further pressure on the bank, with the hope of a shareholder meeting to force a decision.
HSBC has been headquartered in London for three decades.
The bank continues to generate most of its profits in Asia, and has been forced to navigate changing political tides in its historic Hong Kong base.
Last week the bank confirmed a fall in year on year profits in the first quarter thanks to Asian growth slowing and the war in Ukraine.
HSBC said it would be unlikely further share buybacks would take place.
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