“The CCP’s browbeating of HSBC, in particular, should serve as a cautionary tale,” Pompeo said. “That show of fealty seems to have earned HSBC little respect in Beijing, which continues to use the bank’s business in China as political leverage against London.”
(June 10): US Secretary of State Michael Pompeo criticized HSBC Holdings Plc for backing China’s move to impose national security legislation in Hong Kong, underscoring the increasing political pressures on multinationals dependent on the former British colony.
Pompeo accused the London-based banking giant in a statement Tuesday of assisting the Chinese Communist Party’s “coercive bully tactics” against the U.K. The criticism by the top U.S. diplomat comes after one of the largest shareholders in HSBC and Standard Chartered Plc expressed discomfort with the banks’ decision to support the legislation without knowing its provisions and how they will be used.
