The largest HSBC Holdings PLC shareholder Ping An has called for the global bank to break itself up, the Financial Times reported on Friday.

The FT reported that the Chinese insurance company set out its plan for a break-up to HSBC’s board, led by Chair Mark Tucker and Chief Executive Officer Noel Quinn, citing people familiar with the matter.

The FT said Ping An has argued that an independent Asia business listed in Hong Kong would have higher profitability, lower capital requirements and greater local management control and autonomy to make decisions. A demerger would also give shareholders more choice on what parts of the sprawling lender they want to own, the insurer has said.

Ping An owns 9.2% of HSBC, the FT said citing two people familiar with the matter.

https://www.ft.com/content/63e7df2e-6d22-440d-b540-8c8af902a83a

HSBC shares closed up 3.9% at 513.12 pence in London on Friday.

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