Quinn, who has announced he will step down as CEO 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.
Ping An did not immediately respond to request for comment.
Quinn was reelected with 83.93 per cent votes in favour, and 16.07 per cent of votes against, according to the company’s annual general meeting statement.
Ping An lodged a protest vote against Quinn’s leadership at the meeting on Friday, Bloomberg News had reported earlier.
Quinn will remain CEO of the London-headquartered bank until his successor starts in the role, and has agreed to remain available through to the end of his 12-month notice period expiring on April 30, 2025.
Quinn boosted the bank’s returns by cutting underperforming businesses in the West, including retail banking businesses in the US and France, its entire Canadian subsidiary and units in smaller markets such as Argentina.