Latest news with #PingAn
Daily Mail
15 hours ago
- Business
- Daily Mail
HSBC chair Sir Mark Tucker to rejoin Hong Kong insurer AIA Group
Sir Mark Tucker will return to insurer AIA Group as chairman after he departs HSBC at the end of September. The 67-year-old served as AIA's chief executive for seven years before succeeding Douglas Flint as chairman of HSBC in 2017. Tucker oversaw the Asia-focused giant's bumper $20.5billion listing on the Hong Kong Stock Exchange in 2010, the world's third-largest initial public offering at the time. Since joining HSBC, the bank has fended off pressure to break up from one of its major shareholders, Chinese insurer Ping An, and announced a restructuring plan to split its eastern and western operations. The FTSE 100 company has also enjoyed soaring earnings over the past few years, thanks to higher interest rates, including a record $34.1billion pre-tax profit in 2023, an 80 per cent jump on the previous 12 months. However, the firm has received huge criticism for its actions in Hong Kong, including supporting a controversial national security law and blocking Hong Kongers in Britain from accessing their retirement accounts. Earlier this year, HSBC pushed back its plans to achieve net-zero carbon emissions across the business from 2030 to 2050. Sir Mark will remain at HSBC as a strategic adviser to CEO Georges Elhedery while the search for his full-time successor happens. HSBC has gone through four CEOs during his tenure: Stuart Gulliver, John Flint, who lasted 18 months, Noel Quinn, and finally Lebanese-born Elhedery, who joined in February. Ann Godbehere, a non-executive director at HSBC, said: 'On behalf of the board and the wider HSBC Group, I wish to again reiterate our thanks to Mark for his leadership and stewardship of the bank over the past eight years. We wish him well in his new role at AIA.' Before working for AIA, Sir Mark spent over two decades at insurer Prudential, aside from a short stint as finance director of HBOS. He rose through the ranks at Prudential, becoming head of its Asian division and eventually its CEO between 2005 and 2009. The diehard Chelsea fan initially tried to become a professional footballer before giving up and studying business at the University of Leeds, then starting as a trainee accountant at PwC. While at AIA, the company became the official shirt sponsor of Premier League club Tottenham Hotspur. Edmund Sze-Wing Tse, who is standing down as AIA's chair, said: 'Mark's significant contributions to AIA during his tenure as the group chief executive and president have been substantial and enduring. 'His experience and expertise, both as a group chief executive and more recently his role as group chairman of one of the world's largest financial institutions, ensures that AIA will benefit from his strong leadership.'
Yahoo
16 hours ago
- Business
- Yahoo
HSBC's Sir Mark Tucker to leave in September for return to insurer AIA
Banking giant HSBC's outgoing chairman Sir Mark Tucker will step down at the end of September to take up the same post at Hong Kong-based insurer AIA, the bank has announced. It was announced last month that Sir Mark would retire by the end of 2025, ending an eight-year tenure at the helm of the bank's board. His departure date comes after AIA confirmed his appointment as non-executive chairman on October 1 – a move that sees him return to the group he led as chief executive for seven years until 2017. HSBC is still searching for his permanent replacement, but Brendan Nelson, head of the group's audit committee, will take on the role on an interim basis. Sir Mark will remain as a strategic adviser to the group's chief executive Georges Elhedery and the board as the hunt for his successor continues. Ann Godbehere, senior independent director who is leading the search, said the bank was 'making progress' on the succession process. On his appointment at AIA, Sir Mark said: 'I am deeply honoured and excited to be taking on the role of independent chairman of one of the world's largest insurance companies. 'AIA plays a critical role in protecting the financial wellbeing of millions of families across Asia.' At the insurer, he replaces Edmund Sze-Wing Tse, who retires after a career spanning more than six decades with the business. Sir Mark Tucker took on the role of chairman at HSBC in October 2017 and has been at the helm of one of the world's biggest banks during crises including the Covid pandemic, the rising cost of living, and growing tensions between the US and China. Under the leadership of Mr Elhedery, the bank is undergoing a major overhaul as it seeks to slash costs by 1.5 billion US dollars (£1.1 billion) by the end of 2026. HSBC has also faced mounting pressure from one of its biggest shareholders, Chinese insurer Ping An, in recent years to split the bank in two and create a separate Asia-headquartered business. A plan to break up the bank was rejected by shareholders last year, but the restructuring announcement initially prompted some speculation that it could eventually fracture. Sir Mark said on announcing plans to leave last month that it had been a 'great honour and privilege to lead HSBC as chair'. Sign in to access your portfolio
South China Morning Post
3 days ago
- Business
- South China Morning Post
China's Ping An raises US$1.5 billion from convertible bonds to fund growth
Ping An Insurance (Group), China's largest insurer by market capitalisation, plans to raise HK$11.77 billion (US$1.5 billion) via convertible bonds to fund the growth of its core business and support its healthcare initiatives. The zero-coupon note due in 2030 is the biggest convertible bond denominated in US dollars or Hong Kong dollars by a Chinese company this year, according to Bloomberg data. It follows a US$690 million convertible senior note by video-sharing services provider Bilibili and a US$550 million convertible bond by data centre operator GDS Holdings in May. 'The company intends to apply the net proceeds from the issue of the bonds to further develop the group's core business and strengthen the group's capital position, support the group's new strategic initiatives in the healthcare and elderly-care sectors and for general corporate purposes,' Ping An said in a filing to the Hong Kong stock exchange on Wednesday. Ping An's bonds will be listed on the Frankfurt Stock Exchange. Photo: Reuters The bonds, which will be listed on the Frankfurt Stock Exchange, can be redeemed at par value on June 11, 2028.
Korea Herald
29-05-2025
- Business
- Korea Herald
Ping An's Mother's Needlework Public Welfare Program Showcased at London Craft Week
Traditional Crafts Integrated into Sustainable Fashion, Empowering Ethnic Minority Women to Generate Income HONG KONG and SHANGHAI, May 29, 2025 /PRNewswire/ -- Ping An Insurance (Group) Company of China, Ltd. ("Ping An", the "Company" or the "Group", HKEX: 2318; SSE: 601318) presented its Mother's Needlework public welfare program at London Craft Week 2025, in the "Tiangong Kaiwu: Crafting Works Of China" exhibition of the China Pavilion. The program showcased embroidery and handcrafted carpets created by women from ethnic minorities, including the Yi and Dulong communities. The pieces exemplify the unique beauty of the intangible cultural heritage passed down for thousands of years and highlight the significant role of handicrafts in women's empowerment, community development, and a sustainable economy. The exhibition's diverse array of handicrafts from Chinese ethnic minorities included the intricate and vibrant Dulong Carpet from Yunnan Province's Dulong people. As a unique garment of one of China's smallest ethnic groups, the Dulong Carpet is celebrated for its intricate craftsmanship and vibrant colors. Ethnic minority crafts are vital expressions of cultural heritage and history. However, rapid modernization threatens the survival of these skills. In 2020, Ping An launched the Mother's Needlework public welfare program to empower ethnic minority women to preserve traditional techniques and boost their incomes through innovative design and market access. The program champions sustainable fashion by integrating recycled materials with traditional ethnic designs, supporting local women to craft aesthetically pleasing and eco-friendly textile products for domestic and international markets. The Mother's Needlework public welfare program has expanded to 10 provinces and regions across China to date, including Sichuan, Guizhou, Yunnan, Inner Mongolia, and Guangdong, benefiting over 100 women. It has significantly improved the economic well-being of participating families and injected fresh vitality into sustainable community development. Ping An affirms that ethnic handicrafts are not only Chinese cultural treasures but also a means to advance sustainable development and social inclusion. Through international platforms such as London Craft Week, Ping An aims to share the unique allure of China's intangible cultural heritage and invite collaboration from global designers and social organizations to collectively explore the innovative and sustainable future of handicrafts. London Craft Week was established in 2015 and is supported by the King's Foundation, a charity founded by King Charles III. It is a premier global event in the fields of design, fashion, and crafts. Each year, it draws designers and artisans from around the world, fostering cross-cultural exchange and innovation through exhibitions, workshops, and forums. About Ping An Group Ping An Insurance (Group) Company of China, Ltd. (HKEx:2318 / 82318; SSE:601318) is one of the largest financial services companies in the world. It strives to become a world-leading provider of integrated finance, health and senior care services. Under the technology-driven "integrated finance + health and senior care" strategy, the Group provides professional "financial advisory, family doctor, and senior care concierge" services to its nearly 240 million retail customers. Ping An advances intelligent digital transformation and employs technologies to improve financial businesses' quality and efficiency and enhance risk management. The Group is listed on the stock exchanges in Hong Kong and Shanghai. As of the end of December 2024, Ping An had more than RMB12 trillion in total assets. The Group ranked 29 th in the Forbes Global 2000 list in 2024 and 53 rd in the Fortune Global 500 list in 2024.
Yahoo
29-05-2025
- Business
- Yahoo
Ping An's Mother's Needlework Public Welfare Program Showcased at London Craft Week
Traditional Crafts Integrated into Sustainable Fashion, Empowering Ethnic Minority Women to Generate Income HONG KONG and SHANGHAI, May 29, 2025 /PRNewswire/ -- Ping An Insurance (Group) Company of China, Ltd. ("Ping An", the "Company" or the "Group", HKEX: 2318; SSE: 601318) presented its Mother's Needlework public welfare program at London Craft Week 2025, in the "Tiangong Kaiwu: Crafting Works Of China" exhibition of the China Pavilion. The program showcased embroidery and handcrafted carpets created by women from ethnic minorities, including the Yi and Dulong communities. The pieces exemplify the unique beauty of the intangible cultural heritage passed down for thousands of years and highlight the significant role of handicrafts in women's empowerment, community development, and a sustainable economy. The exhibition's diverse array of handicrafts from Chinese ethnic minorities included the intricate and vibrant Dulong Carpet from Yunnan Province's Dulong people. As a unique garment of one of China's smallest ethnic groups, the Dulong Carpet is celebrated for its intricate craftsmanship and vibrant colors. Ethnic minority crafts are vital expressions of cultural heritage and history. However, rapid modernization threatens the survival of these skills. In 2020, Ping An launched the Mother's Needlework public welfare program to empower ethnic minority women to preserve traditional techniques and boost their incomes through innovative design and market access. The program champions sustainable fashion by integrating recycled materials with traditional ethnic designs, supporting local women to craft aesthetically pleasing and eco-friendly textile products for domestic and international markets. The Mother's Needlework public welfare program has expanded to 10 provinces and regions across China to date, including Sichuan, Guizhou, Yunnan, Inner Mongolia, and Guangdong, benefiting over 100 women. It has significantly improved the economic well-being of participating families and injected fresh vitality into sustainable community development. Ping An affirms that ethnic handicrafts are not only Chinese cultural treasures but also a means to advance sustainable development and social inclusion. Through international platforms such as London Craft Week, Ping An aims to share the unique allure of China's intangible cultural heritage and invite collaboration from global designers and social organizations to collectively explore the innovative and sustainable future of handicrafts. London Craft Week was established in 2015 and is supported by the King's Foundation, a charity founded by King Charles III. It is a premier global event in the fields of design, fashion, and crafts. Each year, it draws designers and artisans from around the world, fostering cross-cultural exchange and innovation through exhibitions, workshops, and forums. About Ping An Group Ping An Insurance (Group) Company of China, Ltd. (HKEx:2318 / 82318; SSE:601318) is one of the largest financial services companies in the world. It strives to become a world-leading provider of integrated finance, health and senior care services. Under the technology-driven "integrated finance + health and senior care" strategy, the Group provides professional "financial advisory, family doctor, and senior care concierge" services to its nearly 240 million retail customers. Ping An advances intelligent digital transformation and employs technologies to improve financial businesses' quality and efficiency and enhance risk management. The Group is listed on the stock exchanges in Hong Kong and Shanghai. As of the end of December 2024, Ping An had more than RMB12 trillion in total assets. The Group ranked 29th in the Forbes Global 2000 list in 2024 and 53rd in the Fortune Global 500 list in 2024. For more information, please visit and follow us on LinkedIn - PING AN. View original content to download multimedia: SOURCE Ping An Insurance (Group) Company of China, Ltd. Sign in to access your portfolio
