By Charlie Conchie
The investor pushing for a break up of HSBC has claimed it is “not an activist investor” today and simply cares about returns.
China-headquartered Ping An, which holds an 8.3 per cent stake in HSBC worth around $10.3bn, has been calling for the British lender to spin off its Asia business, which accounts for the bulk of sales and profits across the group.
Ping An co-chief Jessica Tan said today the calls were motivated by a desire for 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.
“We care much about long-term returns,” she added. “We are not an activist investor.”
The comments mark the first time the firm’s chiefs have addressed the break-up calls publicly, and come despite recent pushback from the bank against the calls.
HSBC has said a break-up would mean a potential long-term hit to the bank’s credit rating, tax bill and operating costs, and bring immediate risks in executing any spin-off or merger.
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