China's Ping An fails to get the backing to split the lender in a crunch vote over its future.
HSBC has fought off an attempt by its biggest shareholder to break up the bank during a frequently tense annual general meeting.On Friday it failed to gain the backing of any other major shareholder as investors voted to reject the proposal.
Ping An and Ken Lui, an individual Kong Kong-based shareholder in HSBC, needed to secure 75% of all votes cast at the AGM to force through the split.Mr Tucker told the AGM a break-up of the bank would undermine its global strategy, and would be both risky and costly. It is not clear what Ping An's next step will be but there are bigger factors at play beyond making a return on its investment.
For most of its 158-year history, the Hong Kong and Shanghai Banking Corporation - as it was originally known - has had a long-distance relationship with the UK. A small taste of this came in 2020, when the Bank of England directed HSBC and other British lenders to stop paying out dividends to shareholders because of the pandemic.
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