(Bloomberg) -- HSBC Holdings Plc’s largest active shareholder would support a break up of the lender, arguing that a separate Asia-listed unit would create shareholder value.

Ping An Insurance (Group) Co. has held discussions with the bank on the idea of spinning off HSBC’s Asian operations and listing the operations separately in Hong Kong, according to people familiar with the matter. The shareholder believes a spinoff would win broad investor support.

A spokesperson for Ping An and spokesperson for HSBC didn’t immediately respond to requests for comment.

China’s largest insurer owned 8% of HSBC at the end of 2021, according to the bank’s annual report.  Most of HSBC’s profit comes from Asia.

Ping An boosted its stake in HSBC after a plunge in 2020. At that time, Ping An said its holding in HSBC is a long-term financial investment. The Shenzhen-based company has owned a major stake in HSBC since late 2017.

HSBC reported results on Tuesday and said more share buybacks were unlikely this year as a drop in a key measure of its capital strength took the shine off better-than-estimated earnings in the first three months of the year.

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