HSBC - HSBC to meet with largest shareholder Ping An to discuss spinoff - Reuters

HSBC (NYSE:HSBC) and Ping An Insurance (OTCPK:PNGAY) (OTCPK:PIAIF) executives are planning to meet in mid-May to discuss the Chinese insurer's proposal that the London-based bank should consider options such as spinning of its Asian business in an effort to boost its stock price, Reuters reported Wednesday, citing a person familiar with the matter. Ping An (OTCPK:PNGAY), as HSBC's (HSBC) largest shareholder, last week urged the bank to explore actions to boost its returns. While HSBC (HSBC) didn't directly comment on the proposal, it said last week when it reported earnings that it believes it has the right strategy. See HSBC's (HSBC) stock performance over the past year vs. other big banks and Ping An in this chart. Previously (April 26), HSBC Holdings (HSBC) stock drops after prospect dims for more stock buybacks

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HSBC to meet with largest shareholder, Ping An, to discuss spinoff - Reuters