LONDON - Europe's biggest bank HSBC defeated a resolution from Hong Kong-based shareholders and backed by major investor Ping An to potentially spin-off its lucrative Asia business, the bank's chairman Mark Tucker said on Friday.
Tucker told investors at the end of the annual investor meeting held in Birmingham in England that shareholders had backed the board in all resolutions.
The special resolutions submitted by individual investor Ken Lui recommending the bank boost dividends and review its strategy were both defeated, Tucker said. Final voting results will be published later on Friday.
(Reporting by Lawrence White, Editing by Iain Withers)