HONG KONG/LONDON, April 17 (Reuters) – HSBC’s (HSBA.L) largest shareholder Ping An is prone to vote in favour of splitting the financial institution up at its annual investor assembly on Might 5, a supply acquainted with the Chinese language insurer’s pondering stated on Monday.
The supply stated Ping An would vote in favour of two resolutions tabled by particular person investor Ken Lui, which name for HSBC to revive dividends to 51 cents per share and to offer common updates on the potential for spinning off its Asia enterprise.
HSBC beneficial that shareholders vote in opposition to the resolutions, and has, since Ping An started urging the spinoff final November, maintained that its world presence is value greater than any such fragmentation would yield.
“We stay clear that our present technique is the quickest, most secure and most worth enhancing strategy to ship returns,” a spokesperson for the financial institution stated on Monday.
A spokesperson for Ping An declined to remark.
HSBC’s different institutional shareholders, notably in Britain, have up to now proven little urge for food for a break-up. With an round 8% stake in HSBC, Ping An wouldn’t be capable to drive the difficulty by itself.
Reporting by Selena Li in Hong Kong and Lawrence White in London
Modifying by Mark Potter
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