HSBC's (HSBA.L), (0005.HK) largest shareholder, China's Ping An Insurance (601318.SS), is mulling options to reduce its 8% stake in the Asia-focussed lender, Bloomberg News reported on Thursday citing people familiar with the matter.
The Chinese insurance giant, which emerged as a major shareholder in HSBC in 2017 through its asset management arm and has had a tumultuous relationship with the lender in the recent past, has been offloading shares in the London-headquartered banking group.
It has sold HSBC shares worth $50 million so far this month and the report adds Ping An is considering selling more as it looks to cut its $13.3 billion stake in the lender.
Ping An had been pushing the lender to implement a slew of reforms, including spinning off its Asia business. HSBC, however, has been looking to pivot towards its Asia business and has further shrunk its once globe-spanning empire with the recent sale of its Argentinian business.
HSBC and Ping An declined to comment on the report.
