News Snapshot:
Chinese insurer Ping An Insurance, HSBC’s largest shareholder, continues to call for the spinoff of HSBC’s Asia operations despite executives reportedly being against the idea. Mounting tension between the US and China has highlighted HSBC’s precarious position straddling east and west as Europe’s biggest lender. Ping An, led by Chinese tycoon Peter Ma, believed HSBC was in need of urgent change and pitched its restructuring bid against the move presented by the bank’s leaders last week, Bloomberg reported. The insurer was dismayed by HSBC’s underperformance and worried that geopolitical risks would affect the London-headquartered bank further. Ping An insisted a...
