HSBC Holdings's largest shareholder, Chinese insurance giant Ping An, has called for the British bank to break itself up, the Financial Times reported on Friday.

Ping An has set out its plan for a break-up to HSBC's board, the report said, citing people familiar with the matter.

The insurer owns 9.2% of HSBC, the report said, citing two sources. It owned 8.23% stake in the banking giant as of Feb. 11, according to Refinitiv data.