China’s Ping An Insurance Group, the biggest Asian investor in HSBC, did not support reappointing HSBC CEO Noel Quinn as a director to the bank’s board at its shareholder meeting, a source familiar with the matter told Reuters on Saturday, as the investor voted against such a move.
Quinn, who has announced he will step down as CEO once a successor is appointed, last year defeated Ping An’s long campaign to get HSBC to spin off its Asia business. Europe’s biggest bank had faced proposals submitted by Hong Kong-based individual investor Ken Lui and backed by its biggest Asian shareholder Ping An to consider a radical restructuring and to boost its dividends.
Source: TRADE FINANCE
