HSBC rebuked by US state secretary for backing China security law

The lender, along with Standard Chartered, has already been chided in Britain.

HSBC is facing criticism from US Secretary of State Mike Pompeo for backing China’s moves to end Hong Kong autonomy, reports Reuters.

Pompeo said the Communist Party of China’s “browbeating” of the lender “should serve as a cautionary tale” and referred to the bank’s Asia Pacific CEO Peter Wong signing a petition supporting Beijing’s plans to impose new security law on Hong Kong.

“That show of fealty seems to have earned HSBC little respect in Beijing, which continues to use the bank’s business in China as political leverage against London,” Pompeo said.

Last week, senior British and US politicians criticised HSBC and Standard Chartered after they both backed the national security law for Hong Kong.

Here’s more from Reuters.

Also Read

Cambodia enables QR payments from foreign e-wallets through Alipay+

Hong Kong to rename ‘virtual banks’ to ‘digital banks’

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit