British banking group HSBC is ramping up its efforts to push back against Ping An’s proposal to split its business, Reuters reported citing unnamed sources.

As part of the plan, HSBC is looking to accelerate its exit from non-core markets and deploy additional capital in Asian operations.

Earlier this year, the Chinese insurance major, which is also the bank’s largest shareholder, presented a plan to split HSBC’s Asian and Western operations.

The rationale behind the demerger is that it will give autonomy to HSBC’s Asian arm and achieve greater profitability at lower capital requirements.

HSBC, which refrained from commenting on Ping An’s proposal, is in touch with advisers including investment bank Robey Warshaw to review its strategy.

Sources privy to the matter said that the push-back plans are a result of that review.

Next month during the earnings announcement, HSBC could argue that its future relies on its international network of clients and services, they added.

The bank plans to outline what steps it would take to meet its previously announced goal of exiting non-core markets and moving business to Asia, the sources said.

Such a move will see HSBC cut ties with more unprofitable clients in countries such as France and Germany, a third source noted.

Ping An’s demand for the breakup came as the geopolitical tensions between the West and China continues to grow.