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Ping An votes against reappointment of HSBC CEO as director, source says

Published 05/04/2024, 03:48 PM
Updated 05/04/2024, 06:55 PM
© Reuters. FILE PHOTO: HSBC Bank logo is seen in this illustration taken March 12, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

By Gursimran Mehar

(Reuters) -China's Ping An Insurance Group Co the biggest Asian investor in HSBC PLC did not support reappointing chief executive Noel Quinn as a director to the banks board at the 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 chief executive 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.

Ping An did not immediately respond to request for comment.

Quinn was reelected with 83.93% votes in favour, and 16.07% of votes against, according to the company's annual general meeting statement.

Ping An lodged a protest vote against Quinn's leadership at the meeting on Friday, Bloomberg News had reported earlier.

© Reuters. FILE PHOTO: HSBC Bank logo is seen in this illustration taken March 12, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

Quinn will remain CEO of the London-headquartered bank until his successor starts in the role, and has agreed to remain available through to the end of his 12-month notice period expiring on April 30, 2025.

Quinn boosted the bank's returns by cutting underperforming businesses in the West, including retail banking businesses in the U.S. and France, its entire Canadian subsidiary and units in smaller markets such as Argentina.

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