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Ping An Insurance votes against reappointing outgoing HSBC CEO Noel Quinn as director, source says
By Jerry
China’s Ping An Insurance Group, the biggest Asian investor in HSBC, did not support reappointing HSBC CEO Noel Quinn as a director to the bank’s board at 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 CEO 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.
Source: CHINA
