Ping An votes against reappointment of HSBC CEO as director, source says

May 4 (Reuters) – China’s Ping An Insurance Group Co(601318.SS), opens new tab, the biggest Asian investor in HSBC PLC (HSBA.L), opens new tab did not support reappointing chief executive Noel Quinn as a director to the banks board at the its shareholder meeting, a source familiar with the matter told Reuters on Saturday, as the investor voted against such a move.

Quinn, who has announced he will step down as chief executive once a successor is appointed, last year defeated Ping An’s long campaign to get HSBC to spin off its Asia business. Europe’s biggest bank had faced proposals submitted by Hong Kong-based individual investor Ken Lui and backed by its biggest Asian shareholder Ping An to consider a radical restructuring and to boost its dividends.