HSBC encouraged to work towards enhancing HK’s status as global financial center

HSBC encouraged to work towards enhancing HK’s status as global financial center | Insurance Business Asia

Insurance News

HSBC encouraged to work towards enhancing HK’s status as global financial center

Banking giant encouraged to strengthen its collaboration with China

Insurance News

By
Jonalyn Cueto

China’s vice president Han Zheng convened with HSBC chairman Mark Tucker on Monday, as reported by the official Xinhua news agency. During their meeting, Han encouraged the banking giant to strengthen its collaboration with China, emphasizing the need to enhance Hong Kong’s position as a global financial hub.

“We hope HSBC can use its own advantage and deepen mutually beneficial cooperation with China and make contributions in solidifying and improving Hong Kong’s status as an international financial center,” Han said.

According to Reuters, HSBC, which has strategically divested from less lucrative ventures outside of Asia in recent years, remains committed to investing in China. The focus lies on bolstering onshore operations, particularly in the realms of wealth and insurance businesses. This strategic move comes at a time when foreign institutions and investors display a heightened cautiousness, with some refraining from entering or even retracting from the local market.

Tucker said that the bank is poised to actively engage in China’s pursuit of high-quality growth, according to Xinhua. This commitment aligns with the broader narrative of foreign financial institutions seeking to deepen their roots in the rapidly evolving Chinese market.

HSBC secured a notable achievement last week when it was among the six foreign lenders granted new licenses. These licenses empower them to take on lead underwriter roles in the issuance of renminbi-denominated debt.

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