KEY POINTS
  • Banking giant HSBC on Friday defeated a proposal, backed by its largest stakeholder Chinese insurer Ping An, to consider spinning off its Asia business into a Hong Kong-listed entity.
  • Investors cast their votes on the proposal at the bank's annual general meeting in Birmingham in central England, but its supporters ultimately failed to get the majority required.
  • HSBC's AGM was repeatedly disrupted by environmental campaigners, with protestors vociferously challenging the bank's climate strategy.

In this article

Noel Quinn, chief executive officer of HSBC Holdings Plc, right, Mark Tucker, chairman, center, and Peter Wong, deputy chairman, during the bank's shareholders meeting in Hong Kong, China, on Monday, April 3, 2023. HSBC's senior executives faced its Hong Kong shareholders from retirees to taxi drivers as the lender seeks to fend off a push in Asia to split the bank. Photographer: Paul Yeung/Bloomberg via Getty Images

Banking giant HSBC on Friday defeated a proposal, backed by its largest stakeholder Chinese insurer Ping An, to consider spinning off its Asia business into a Hong Kong-listed entity.

Investors cast their votes on the proposal at the bank's annual general meeting in Birmingham in central England, but its supporters ultimately failed to get the majority required.

In this article