The head of public affairs at HSBC, Sir Sherard Cowper-Coles, has issued an apology subsequent to his remarks accusing the British government of displaying “weakness” by adhering to US requests to curtail business activities with China.
A spokesperson for the renowned bank clarified that Sir Sherard Cowper-Coles had expressed his opinions during a private roundtable discussion, emphasizing that these views were of a personal nature.
Recent years have witnessed escalating tensions between the United States and China, reflecting complex diplomatic dynamics.
HSBC, a UK-headquartered financial institution, derives a substantial portion of its profits from its operations in Asia, particularly within China.
In a statement conveyed to the BBC by HSBC, Sir Sherard Cowper-Coles addressed the matter, saying, “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.” He also serves as the chairman of the China-Britain Business Council lobby group.
The Chatham House Rule, an established convention, grants attendees of confidential meetings the ability to utilize insights gained from discussions while maintaining anonymity regarding the sources of specific statements. Conceived nearly a century ago, this rule facilitates constructive discourse on contentious topics and is named after the Royal Institute of International Affairs’ London headquarters.
HSBC’s global operations illustrate its significant reliance on profits generated outside the UK. Remarkably, more than 80% of the bank’s profits are sourced internationally, with a considerable portion originating from mainland China and Hong Kong.
This substantial presence obliges the financial giant to meticulously navigate diplomatic complexities and maintain a delicate equilibrium between the expectations of both Washington and Beijing.
The ongoing trade-related back-and-forth between the world’s two largest economies, entailing reciprocal imposition of trade restrictions, has placed governments such as the UK in a challenging position.
In a recent development, Washington announced limitations on Beijing’s access to advanced computer chip technology in October. In response, China announced restrictions this month pertaining to the export of gallium and germanium, essential components for the semiconductor industry.
