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Why Chinese insurer Ping An is calling for a break-up of HSBC
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Ping An is HSBC's largest shareholder and is calling for a split of its Asian and western operations.
PHOTO: REUTERS
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HONG KONG/LONDON (FINANCIAL TIMES) - Two decades ago, HSBC made a bold gamble to recapitalise an ailing Chinese insurance firm, paying US$600 million for 10 per cent of Ping An.
The risk paid off handsomely, netting the bank US$2.6 billion in profit when the stake was sold in 2012.
