Over the past few years, Ping An has operated behind the scenes in attempting to persuade HSBC to spin off its businesses in Asia. The Chinese insurer seems to be changing tack.Until now, Ping An has focused on private talks with the bank over a structural revamp, in the hope that unshackling Asia from the rest of the global group will unlock higher returns. The bank’s largest shareholder made a rare public comment last November to back its case.
The polite dialogue took a turn last week when both parties locked horns in a public back-and-forth over whether HSBC’s Asia operations should be partially divested and listed in Hong Kong.
The dispute will play out in the public arena again at HSBC’s annual meeting next week.
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