HSBC is missing out on £22bn of shareholder returns by not spinning off its Asian operation, according to research commissioned by the investor pushing for a break-up of the bank.

Chinese insurance giant Ping An, which has a nine per cent stake in HSBC, has been campaigning for bosses to spin off the firm's Asian business which last year accounted for 65 per cent of profits.

Research commissioned by Ping An, first reported by the Sunday Times, found that spinning off the Asian business entirely could generate $26.5bn (£21.5bn) of value, while floating a portion of the Hong Kong retail business could generate $19.2bn.

(c) 2022 City A.M., source Newspaper