Gursimran Mehar
(Reuters) – China’s Ping An Insurance Group Co, Asia’s largest investor in HSBC PLC, did not support the reappointment of Chief Executive Noel Quinn as a director on the bank’s board at a shareholder meeting, a source familiar with the matter told Reuters on Saturday. since the investor voted against such a move.
Quinn, who announced he would step down as chief executive after appointing a successor, last year failed Ping An’s long-running campaign to force HSBC to spin off its Asia business. Europe’s biggest bank is facing proposals brought by Hong Kong individual investor Ken Lui and backed by its biggest Asian shareholder Ping An to consider a radical restructuring and increase its dividend.
Ping An did not immediately respond to a request for comment.
According to the company’s annual general meeting report, Quinn was re-elected with 83.93% of votes in favor and 16.07% of votes against.
Ping An filed a protest against Quinn’s leadership at a meeting on Friday, Bloomberg News previously reported.
Quinn will remain chief executive of the London-headquartered bank until his successor takes up the role and has agreed to remain in his role until the end of a 12-month notice period expiring on 30 April 2025.
Quinn boosted the bank’s profits by trimming underperforming businesses in the West, including its retail banking businesses in the U.S. and France, its entire Canadian subsidiary and units in smaller markets such as Argentina.