HSBC's biggest shareholder Ping An to hold investment in bank, source says

Reuters05-17

HONG KONG, May 17 (Reuters) - Ping An Asset Management, HSBC Holdings PLC's largest shareholder, will continue to hold its investment in the Asia-focussed lender, a source close to the Chinese firm said on Friday.

"We continue to be positive about HSBC and will continue to hold the investment," said the source, who declined to be named because of the matter's sensitivity.

Ping An Asset Management, a wholly-owned unit of Ping An Insurance , did not immediately reply to Reuters' request for comment. HSBC declined to comment.

Bloomberg News reported on Thursday, citing people familiar with the matter, that Ping An was considering options to reduce its 8% stake in the London-headquartered bank, which generates the bulk of its revenue and profit in Asia.

(Reporting by Selena Li; Editing by Sumeet Chatterjee and Christian Schmollinger)

((sumeet.chatterjee@thomsonreuters.com; +852 3462 7757;))

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Ping An Asset Management, a wholly-owned unit of Ping An Insurance   , did not immediately reply to Reuters' request for comment. HSBC     declined to comment.   Bloomberg News reported on Thursday, citing people familiar with the matter, that Ping An was considering options to reduce its 8% stake in the London-headquartered bank, which generates the bulk of its revenue and profit in Asia.  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