HSBC Holdings Plc said it is targeting return on tangible equity for its Asia business that’s in the “mid teens,” amid pressure from its top shareholder to improve returns.

Ping An Insurance Group Co. has criticized the bank’s current model in Asia as being inefficient. It has taken specific aim at the lender’s returns for Asia, which it said stood at 10.5% in 2022, compared with 13.8% for its Asian peers on average. The Chinese firm is also pushing for a separate listing of HSBC’s Asian arm.

In a statement to the exchange, HSBC reiterated Monday that the group’s ambition is for returns to be at least 12% from 2023. It is targeting high single digit percentage wealth revenue growth, and mid single digit percentage lending growth over the medium to long term, the statement said. HSBC also reemphasized the importance of its international network.

“We now have an unrivaled international proposition that supports our Asia customers looking to trade with and grow in markets across Europe, the Middle East and the Americas, and vice versa,” said Chief Executive Officer Noel Quinn.

About 60% of wholesale client business in Asia is cross-border, the lender said in a presentation.

The lender has been pivoting to Asia, selling operations in other parts of the world. It reiterated it’s commitment to invest about $6 billion in Asia between 2021 to 2025.

The bank, which counts Hong Kong as its biggest market, has also been diversifying its presence in other markets in the region, amid rising geopolitical tension.

“In addition to our core strength in Hong Kong, we now have growth engines in mainland China, India, Singapore and beyond,” said Quinn.

Wealth Focus

Wealth is a key to its pivot to Asia, and the bank has been ramping up operations in the mainland and also aims to launch private banking in India in July.

The lender said it will be holding a week long seminar for investors and analysts in Hong Kong and Singapore to discuss its ambitions. Rival Standard Chartered is also holding meetings with investors this week.

(Adds details from presentation throughout)