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Bank is firmly on geopolitical stage after supporting Hong Kong security crackdown law
Now it gets serious for HSBC. It’s one thing to be accused, rightly, by pundits and even the odd shareholder, of “kowtowing to China” by supporting publicly the security crackdown law for Hong Kong. The stakes become higher when the US secretary of state, Mike Pompeo, makes the same accusation and, for good measure, mocks HSBC’s failure to win respect in Beijing with its “show of fealty”.
Having tried to avoid making political statements for decades (apart from on the Scottish independence referendum, oddly), HSBC is now firmly on the geopolitical stage. Its board knows that, of course, and chairman Mark Tucker seems to have set the course: if push comes to shove, the bank will opt for China. Continue reading...