HSBC executive sorry for attack on UK reducing ties with China
A SENIOR official at HSBC has apologised after criticising the UK for following the US in reducing its dealings with China.
Sir Sherard Cowper-Coles, the banking giant’s head of public affairs, apologised for ‘any offence caused’ after he told attendees at a closed- door event that Britain was being ‘weak’ and bowing to US demands in its approach to Beijing.
He cited the example of the UK’s decision in 2020 to ban Chinese telecoms giant Huawei from helping build Britain’s 5G mobile network, following similar moves from the US to restrict access to advanced technology. His comments appear likely to cause critics of the bank to point out that Britain was being strong in its support of the US, rather than weak, in standing up to Beijing.
It is not the first time Sir Sherard has made remarks of this kind. He told Chinese broadcaster CGTN this year that Western politicians were trying to ‘demonise’ China.
He said his latest comments, made at an event in London in June, had been ‘personal’ and did not represent the views of HSBC or the China-Britain Business Council lobbying group of which he is chairman.
‘I was speaking at a private event under Chatham House Rules and my personal comments do not reflect the views of HSBC or the China British Business Council. I apologise for any offence caused,’ Sir Sherard said in a statement. Chatham House rules is a term for when attendees of a meeting are allowed to use the information they gain from discussions but are not permitted to reveal who made any comments.
The incident highlights a growing struggle at HSBC. The bank has a long history of linking itself between China and the West, having been a major financial force in the country for over 150 years.
It makes most of its money in Asia but is under growing pressure as tensions between China and the West increase.
The bank has been criticised for its conduct by both sides. In 2018, Beijing lambasted the firm for giving information to US authorities that led to the arrest of Huawei’s chief financial officer Meng Wanzhou.
It was then attacked by UK and US politicians the following year for supporting a controversial national security law in Hong Kong which sparked massive protests and a brutal police crackdown.
HSBC’s largest investor, Chinese insurance firm Ping An, even tabled a proposal to split the company earlier this year, but it failed to get support.
Sir Sherard, 68, is a former British diplomat who spent more than 30 years at the Foreign Office. This included heading up the diplomatic mission to Afghanistan from 2007 to 2009.
No stranger to controversy, Mr Cowper- Coles attracted criticism in 2008 when a leaked cable suggested he had criticised US policy in Afghanistan and the leadership of its then- president Hamid Karzai.
He was quoted as saying the British should tell the Americans: ‘We want to be part of a winning strategy, not a losing one.’
‘Remarks don’t reflect bank’