HSBC set to push back against Ping An breakup proposal -sources

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Reuters UK

By Sumeet Chatterjee and Lawrence White HONG KONG/LONDON (Reuters) -HSBC Holdings Plc is set to speed up its exit from non-core markets and deploy additional capital in Asia, in a bid to push back against a breakup proposal put forward by its biggest shareholder, two people with knowledge of the matter said. Ping An Insurance Group Co of China Ltd called on the bank in April to explore strategic options such as spinning off its mainstay Asian business to unlock greater shareholder value. In response, HSBC hired advisers including London-based investment bank Robey Warshaw to assist on a review…

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