HSBC comes out fighting against ‘groundless’ rumours targeting its China business
- HSBC said it would continue to invest in its China business despite resumption of planned lay-offs globally
- Bank defends itself versus talk in mainland press it may be forced to exit China
After a series of attacks by Chinese media and netizens on HSBC's business culminating in one report suggesting it may be forced to exit the world's second-biggest economy, the bank came out swinging on Friday.
The London-headquartered bank pushed back against “groundless” rumours casting doubt over about the future of its mainland China business on social media platform WeChat after it announced this week it would resume 35,000 planned job cuts globally.
The bank, which is based in London, but generates most of its profit in Asia, said China remains “an important strategic market” for the bank and has been so for more than 150 years, noting it has been a “staunch supporter and active participant” in the country’s opening up over the past 40 years.
“Going forward, we will continue to invest in our China business, services, talents and technology. As always, we will continue contributing to the sustainable development of China’s economy,” the bank said in a post in Chinese on its official WeChat account.
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HSBC doubles down on Asia in massive staffing overhaul
The bank, one of three lenders authorised to issue currency in Hong Kong, has been slammed by mainland media and netizens across China in the past 18 months over its involvement in a US inquiry into Huawei Technologies Company and for not immediately showing public support for a controversial national security law tailored for Hong Kong.