HSBC and Ping An executives plan to discuss breakup proposal

HSBC earned 52% of last year's total revenue of $49.6 billion from Asia and 65% of its reported profit before tax came from the region

HSBC and Ping An executives plan to meet in mid-May to discuss the Chinese insurer's proposal that the bank should explore strategic options such as spinning off its Asian business, a source familiar with the matter said on Wednesday.

Ping An, the biggest shareholder in HSBC, called last week on the London-headquartered bank to look at ways to boost returns in a move viewed by some analysts as potentially being driven more by politics than finances.

The source declined to be identified due to the sensitivity of the situation.

Ping An, which is China's biggest insurance company, did not respond