Chinese insurer Ping An will demand HSBC boost dividends to pre-Covid levels and commit to regularly reviewing its structure at its annual meeting next month, following calls to break off its Asian business.
HSBC’s largest shareholder is planning to support resolutions proposed by a group of retail investors on dividends and structural reform, which includes spinning off operations in Asia to boost returns, according to people familiar with the situation. Ping An declined to comment.
The move by one of the world’s largest insurers, which has an 8 per cent stake in the bank, will put further pressure on the London-listed lender, led by chair Mark Tucker and chief executive Noel Quinn, to return more money to shareholders and review its global operations.