The largest shareholder of HSBC insists on dividing the business into two parts

The Chinese insurance company Ping An insists on the division of HSBC into two companies - Western and Asian. it is reported by the Financial Times.

HSBC's largest shareholder claims that an independent Asian business listed in Hong Kong will have higher profitability, lower capital requirements and greater decision-making autonomy.

Another major shareholder of the bank said the division of the business is "vital" for the company as it is in a precarious position.

“HSBC is in the least stable position regarding the US-China conflict of any other financial institution in the world. They are in a position to be hated by everyone - the UK, France, the US , Hong Kong and CHINA . Today I don’t see a way out of the current situation and I don’t see a decrease in geopolitical tensions,” the source said.

HSBC came under fire in China after it provided the US with information that led to the arrest of HUAWEI Chief Financial Officer Meng Wanzhou in 2018.

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