A Chinese national flag flies in front of HSBC headquarters in Hong Kong, China, July 28 2020. Picture: TYRONE SIU/REUTERS
The statement followed a report in the Financial Times citing two people familiar with the matter as saying that HSBC had installed a CCP committee within the business. HSBC said that management had no part in establishing the branch formed by its employees, and that the branch would have “no formal role in the day to day activities of the business.”
In April, Ping An Insurance Group of China called on HSBC to explore strategic options such as spinning off its mainstay Asian business to unlock greater shareholder value.
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