SINGAPORE (Reuters), HSBC’s top executives and Ping An, a Chinese insurance company representative said Wednesday that they will be meeting in May to talk about the proposal by HSBC to explore the possibility of spinning off the Asian division.

Ping An is the largest shareholder of HSBC, based in London. HSBC was contacted last week to discuss ways it could increase its return.

Because of the situation’s sensitive nature, it was not possible to identify the source.

Reuters did not receive a response from HSBC and Ping An immediately.