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PingAn ‘not activist investor’ of HSBC with spinoff call: co-CEO
2022.08.24 04:49
FILE PHOTO: The company logo of Ping An Insurance is seen in Beijing, China, August 27, 2020. REUTERS/Thomas Peter/File Photo
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, the group’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.
