HSBC on China: «Too Big to Ignore»
HSBC expressed renewed confidence in its business outlook with regards to U.S.-China relations, with chairman Mark Tucker calling the latter market «too big to ignore».
Despite various China troubles at HSBC, including its cooperation with U.S. authorities in the Huawei probe and its public support for the controversial security law in Hong Kong, the British lender remains confident in the opportunities from the second-largest economy, calling them «too big to ignore».
«We're moving to a new status quo in Sino-US relations,» according to a «Bloomberg» report citing a video of HSBC’s Mark Tucker at the Hong Kong Academy of Finance event last week. «The interconnectivity is pretty powerful, and I don't think it will get to a point where sides will need to be chosen.»
Tucker attended the event in person after undergoing Hong Kong’s rigid three-week quarantine.
Despite a dip in Asia profits to $6.9 billion in the first half, the region still dominates the bank’s bottom line, accounting for more than two-thirds of global profits ($10.8 billion).
