HSBC's chief executive Noel Quinn told investors and analysts yesterday (15 May) that all aspects of the lender's operations in Asia "are now motoring", according to reports, doubling down on its plans to focus the business on Asia, just over a week after shareholders voted to not split the bank in two.
According to reports from The Times, Quinn was responding to a group of rebel shareholders who had attempted to push through a plan to breakup the bank into two operations at the firm's annual general meeting earlier this month (5 May).
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One of the main members of this cohort was the bank's largest shareholder, Chinese insurer Ping An, which has been trying to force a split for over a year.
Quinn addressed the recent failed attempt, stating: "We now have an unrivalled international proposition that supports our Asia customers looking to trade with and grow in markets across Europe, the Middle East and the Americas, and vice versa."
Experts recently told Investment Week that a split was not in the best interests of the bank, and keeping its operations whole could help meet the internal expectations set by management, and improve overall performance.
