HSBC Rift With Top Shareholder Ping An Goes Back Years

China’s largest insurer wanted to get board seat, become partner in business ventures

Uncertainty about HSBC’s strategy for serving in both China and the West is amplified by disagreements with Ping An.Photo: Paul Yeung/Bloomberg News

LONDON—For nearly a year, HSBC Holdings PLC has openly come under pressure from its top shareholder, Ping An Insurance Co., in a standoff that pits Europe’s largest bank against China’s largest insurance company.

The source of the rift dates back years, interviews with people familiar with the matter, including people familiar with developments at both companies, suggest.

What's News

Continue reading your article with
a WSJ membership

Subscribe Now

Already a member? Sign In

Sponsored Offers
  • TurboTax:
    TurboTax service code 2023 - $20 off
  • H&R Block Tax:
    Receive 15% Off DIY Online Tax Filing Products with H&R Block
  • Wayfair:
    Wayfair coupon $20 off
  • Kohl's:
    Kohl's Coupon 30% off sitewide
  • DoorDash:
    50% off + free delivery on any order with DoorDash promo code
  • Target:
    Target Promo Code: 20% off Entire Order