On June 19, The League of Social Democrats (LSD) sent an open letter to HSBC’s CEO Noel Quinn, asking him and HSBC to explain the unwarranted cancellation of the bank accounts of LSD and some of its members. In February, HSBC notified the LSD of the termination of three of its bank accounts. At the…
Pro-Democracy NGO Demands Explanation After HSBC Terminates Its Business and Members Accounts
Texas Adds HSBC to Energy Sanctions List
A Texas official on Monday added HSBC Holdings to an energy sanctions list, widening a crackdown on companies which in the state’s view are too focused on energy transition. Republican-led U.S. states have alleged companies are prioritizing environmental, social and governance policies (ESG) over their financial responsibilities to their shareholders. The move could prohibit Texas’…
HSBC Buys Silicon Valley Bank’s UK Subsidiary for 1 Pound
March 13, 2023
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Banking giant HSBC has announced a takeover of the UK subsidiary of Silicon Valley Bank (SVB) after the U.S. bank failed last week, triggering concerns about the falloff affecting the UK’s tech sector. Santa Clara-based SVB failed on March 10, with California regulators ordering the firm to shut down and appointing the Federal Deposit Insurance…
UK Banks Including HSBC ‘Complicit’ in Hong Kong Human Rights Suppression, Lawmakers Found
British banks in Hong Kong, including HSBC, have been complicit in suppressing human rights by proactively supporting Beijing’s National Security Law, a group of UK lawmakers found in an inquiry. In a report published on Wednesday, the All-Party Parliamentary Group (APPG) on Hong Kong said there are “numerous instances” where banks have denied Hongkongers access to their…
Should International Corporations Split Up?
Commentary It’s probably a question that isn’t being asked enough: should multinational corporations divest themselves into smaller regionally or nationally aligned entities better suited to tackle local geopolitical and economic challenges? Global banking giant HSBC Holdings PLC is under pressure from its largest shareholder to do exactly that. Ping An, the Chinese insurer and HSBC’s…
‘Misleading’ HSBC Climate Change Ads Banned by UK Watchdog
The UK’s advertising watchdog has banned two HSBC adverts for giving “misleading” information about the bank’s green credentials. The banned posters were seen at bus stops in London and Bristol last October, in the run-up to the United Nations COP26 climate change summit. The first poster featured an aerial image of waves crashing on a…
Hong Kong Central Bank Raises Rate, HSBC and Standard Chartered Follow
HONG KONG—Hong Kong on Thursday raised its base rate by 75 basis points (bps) to 3.5 percent, prompting the largest commercial banks operating in the territory, including HSBC, to increase their best lending rates. HSBC was the first bank in Hong Kong to announce it was raising its best lending rate by 12.5 basis points…
Climate Skeptic Banker Becomes Newest ‘Cancel Culture’ Victim
News analysis Cancel culture is growing more prevalent in the financial industry, with a prominent HSBC executive being its latest victim. Stuart Kirk, a top executive at HSBC Holdings announced on July 7 that he had resigned from his position after facing backlash from climate groups. Kirk, who was the global head of responsible investments at the…
Climate Skeptic Banker Becomes Latest ‘Cancel Culture’ Victim
News Analysis Cancel culture is growing more prevalent in the financial industry, with a prominent HSBC executive being its latest victim. Stuart Kirk, a top executive at HSBC Holdings announced on July 7 that he had resigned from his position after facing backlash from climate groups. Kirk, who was the global head of responsible investments at the…
Chinese Property Developer Shimao Misses Repayment on $1 Billion Bond
HONG KONG—Chinese developer Shimao Group has missed the interest and principal payment of a US$1 billion offshore bond due on Sunday in the latest blow to China’s embattled property market. Shimao was unable to pay a total of US$1.023 billion in principal and interest to creditors of a senior note listed on the Singapore Exchange,…
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