HSBC shareholders vote down proposal to spin off Asian arm

(Sharecast News) - HSBC shareholders rejected a proposal on Friday to split the business and spin off the Asian arm. The proposal, which was made by the bank's largest shareholder - Chinese insurer Ping An Asset Management - was voted down earlier at the annual meeting in Birgmingham.

Resolutions 17 and 18 on the agenda were tabled by a group of investors led by Ken Lui, and called for a strategic review of the bank, which included the potential spinoff and a proposal for fixed dividends. Only around 20% of shareholders voted in favour of each resolution.

Ping An owns an 8% stake in HSBC.