HSBC shareholders vote down proposal to spin off Asian arm

5th May 2023 14:36

(Sharecast News) - HSBC shareholders rejected a proposal on Friday to split the business and spin off the Asian arm.

The proposal, which was backed by the bank's largest shareholder - Chinese insurer Ping An Asset Management - was voted down earlier at the annual meeting in Birgmingham.

Resolutions 17 and 18 on the agenda were tabled by a group of investors led by Ken Lui, and called for a strategic review of the bank, which included the potential spinoff and a proposal for fixed dividends.

Ping An owns an 8% stake in HSBC.

Chairman Mark Tucker said: "I'm delighted that the large majority of HSBC's shareholders have voted overwhelmingly to support the bank's strategy and draw a line under the debate on the structure of the bank.

"The board, HSBC colleagues and our shareholders can now move forward with the shared objective of focusing on our customers, driving stronger performance, and creating more value for our investors."