Lui’s effort adds further pressure on the London-headquartered bank, which is pushing back against another move by top shareholder Ping An Insurance Group Co. to radically revamp the lender.
HSBC Holdings Plc has told investors to vote against a proposal by an activist shareholder in Hong Kong to overhaul the company’s structure and spin off its Asian business.
Ken Lui, who leads a group of 100 shareholders pushing for the changes, wants the bank to restore dividend payouts to at least 51 cents a share and reorganize its Asian businesses. The bank said on Friday it will put the proposal before shareholders at its annual general meeting in Birmingham on May 5, and that its board recommends that investors vote against it.
