HSBC CEO Defends Stance on Hong Kong
Article summary
U.K. lawmakers accused HSBC Holdings PLC Chief Executive Noel Quinn of appeasing China and ignoring the erosion of democracy and rule of law in Hong Kong, where the bank was founded nearly 156 years ago. A parliamentary committee questioned Mr. Quinn on Tuesday after the London-based bank supported China’s imposition of a new security law on Hong Kong last year . […] The U.K. and U.S. governments opposed it, saying it undermined an agreement to give Hong Kong a high degree of autonomy after the British handed the city back to China in 1997. […] I can only do what I do as a bank, and as a CEO of a bank, to continue to support our customers. We have done that through Covid. We have done that through this unrest and I am committed to continuing to help the people of Hong Kong. So I have that same passion and concern for Hong Kong as you do.” Mr. Quinn said the security situation in Hong Kong was out of control before the security law was introduced.
