HSBC faces shareholder vote on splitting bank
HSBC shareholders will vote on Friday on a proposal by Chinese insurer Ping An to split the bank to seek better returns. HSBC has urged its shareholders to vote down the proposal at its annual general meeting.
Ping An has argued that the bank lags behind international peers and the recent improvement in performance was tied to rising interest rates, which it claims have peaked. The proposal would allow HSBC to retain control over a separate Asia business.
