Apr 21, 2021

HSBC chief vows not to ‘flip-flop’ on China strategy

HSBC will not "Flip-flop" on strategy every time there is a flare-up in tensions between Beijing and the west, according to chief executive Noel Quinn, rebuffing criticism of the bank for moving closer to China as it cracks down on Hong Kong. China has threatened to add HSBC to its "Unreliable entities" list in a long-running spat over its role in the arrest of Huawei's chief financial officer. Some have called for HSBC to abandon the global strategy that it has pursued since the mid-1970s and break itself up. Quinn was appointed permanent group chief executive of HSBC in March last year, after holding the position on an interim basis since August 2019 when his predecessor John Flint was fired by Tucker. HSBC is counting on an extra $6bn of investment promised to Hong Kong, China and Singapore to galvanise a pre-Covid overhaul it announced in early 2020.

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