Dec 6, 2017
Ping An builds stake in HSBC to become second-biggest shareholder
Ping An has emerged as the second-biggest shareholder in HSBC after the Chinese insurer increased its stake in Europe's largest bank above 5 per cent, triggering a disclosure. According to a filing with the Hong Kong Stock Exchange, Ping An's asset management arm acquired 10m HSBC shares on Tuesday, taking the group's total holding in the bank from 4.96 per cent to 5.01 per cent. The CEO succession process was the first big decision by Mark Tucker, who took over as chairman of HSBC in October having spent more than eight years running AIA, one of the main rivals to Ping An in the Asian insurance market. Ping An said the stake was "a financial investment" acquired by its asset management division, which holds the assets of its life insurance clients. The largest shareholder in HSBC is BlackRock, which owns almost 6.8 per cent of the bank across various funds that it manages, according to Bloomberg data.
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