BIRMINGHAM, England : HSBC is expected on Friday to defeat a proposal by Hong Kong-based investors, backed by its biggest Asian investor Ping An, which calls for the lender to consider spinning off its Asia business.
Those proposed by individual investor Ken Lui and supported by Ping An call on HSBC to boost dividend payouts, and to regularly review strategy including the possibility of carving out the Asia business that generates most of the bank's profit. On the contrary, Norway's state investment fund, HSBC's 4th biggest investor, has said it will back the bank's board and advisory firms including Glass Lewis and ISS which recommend how investors wield proxy votes, have urged support for the bank.
Lui said he was only able to disclose he had met with Ping An and that they were supportive. When he submitted the resolutions he was"very confident" they would pass, Lui added.
Source: News Formal (newsformal.com)
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