HSBC emerges victorious in battle against major investor's breakup proposal.
TL;DR Summary
HSBC's biggest shareholder, Chinese insurer Ping An, failed to gain support from other major shareholders to split the bank during its annual general meeting. Ping An, which holds an 8% stake in HSBC, has been trying to separate the bank's profitable Asian business from other parts of the bank that are not performing as strongly. HSBC chairman Mark Tucker said the result "draws a line" under a long-running debate about the bank's structure.
- HSBC foils plan by major investor to break up bank BBC
- HSBC defeats proposal to spin off its Asian business at contentious shareholder meeting CNBC
- HSBC-Ping An Showdown Looms Bloomberg Television
- HSBC wins battle with biggest shareholder over call to break up bank CNN
- HSBC management claims final victory as Ping An finds little support for pro-breakup resolution Yahoo Finance UK
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