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  4. Ping An co-CEO defends HSBC spinoff call, says it's not an activist investor
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Ping An co-CEO defends HSBC spinoff call, says it's not an activist investor

By Selena Li HONG KONG (Reuters) -Ping An Insurance Group defended its call to spin off HSBC's Asia business, citing its large holdings in the bank that affects its investment...
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Ping An co-CEO defends HSBC spinoff call, says it's not an activist investor © Reuters. FILE PHOTO: The company logo of Ping An Insurance is seen in Beijing, China, August 27, 2020. REUTERS/Thomas Peter/File Photo

By Selena Li

HONG KONG (Reuters) -Ping An Insurance Group defended its call to spin off HSBC's Asia business, citing its large holdings in the bank that affects its investment returns. "It is a significant investment and we've invested in it for seven years," Jessica Tan, Ping An's co-CEO, told Reuters on Wednesday, when asked about the drivers behind urging Europe's largest bank to consider a spin-off.

"We care much about long-term returns," Tan said in remarks that were among the first official comments by the insurer's senior management on the saga with HSBC.

"We are not an activist investor," she said.

Europe's biggest lender, which makes the bulk of its sales and profit in Asia, came under pressure from Ping An in April to explore options including listing its mainstay Asia business to increase shareholder returns.

Ping An is HSBC's largest shareholder with an 8.3% stake worth around $10.3 billion, according to Refinitiv data.

Tan was speaking a day after Ping An reported a 3.9% rise in first-half net profit, the first increase for the period in three years.

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01-05-2024 10:45:17 (UTC+7)

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 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
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 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
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 US Coffee C213.73↑ Sell
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 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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