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HONG KONG/BIRMINGHAM, U.K. — HSBC Group on Friday avoided having to break up as the majority of voting shareholders went against a resolution endorsed by its largest stakeholder, China’s Ping An Group.
The result helps the bank avoid an immediate spinoff of its Asian business, a demand brought by top Chinese shareholders and a group of Hong Kong retail investors who cited geopolitical concerns and financial underperformance as the main reasons.
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