Tag: HSBC

HSBC chief executive Noel Quinn is scheduled for a virtual session tomorrow with the U.K.’s Foreign Affairs Committee where he is expected to face tough questions about the bank’s relationship with Beijing.

HSBC’s Noel Quinn alongside chief compliance officer Colin Bell will face questioning from the British parliament’s Foreign Affairs Committee (FAC) this week regarding political developments in Hong Kong.

This occurs just days after self-exiled activist Ted Hui called on British member of parliament (MP) to investigate the British lender over frozen accounts and an apology from Quinn saying he had «no choice» after being instructed by Hong Kong police.

The virtual session between FAC and top HSBC executives is scheduled for tomorrow with a private meeting followed by a public one at 2:30 pm in the U.K.

The FAC meeting is expected to cover a number of recent events in Hong Kong including the passing of the national security law and the freezing of accounts belonging to activists involved in local protests.

On Quinn’s emailed apology to Hui last week, Conservative MP and FAC chair Tom Tugendhat called the response «extraordinary» adding that the HSBC CEO was clearly defending his actions by denying responsibility, according to a  report.

Companies listed in London should expect to be scrutinized according to the values we hold, not those of a foreign dictatorship,» he said.

According to Hui, who self-exiled to the U.K., he has recently shared evidence and detailed information regarding the recent account freezes, as requested by FAC members.

Any banks, businesses or organizations helping the communist tyranny to suppress the freedom of Hong Kong people will inevitably pay a heavy price internationally, Hui said in a social media post over the weekend.

I will do everything I can to make these organizations face the consequences.

Self-exiled lawmaker Ted Hui publicly shared and criticized HSBC CEO Noel Quinn’s apology over frozen accounts which claimed that the bank was done on orders by the Hong Kong police.

I regret that HSBC is not able to operate your bank and credit card accounts, said Quinn in an email dated January 11 and sent to Hui who has shared an image on his Facebook account.

Quinn explained that the bank had no choice but to take action after being instructed by the Hong Kong police, Hui said, and he also apologized over communications with HSBC.

The ex-Democratic Party member and his family’s accounts were allegedly frozen by HSBC alongside Hang Seng Bank and Bank of China after police said they were probing for a money laundering linked to a crowdfunding campaign.

According to Hui, there is no legal basis for freezing his nor his family’s accounts, underlining a specific concern that he had not received questions regarding any suspicious transactions prior to the move.

Hui has since said his family accounts were unfrozen and his personal accounts were partially released. He also noted that HK$200,000 ($25,800) had been frozen, less than the initial HK$850,000 ($110,000) claimed by local police.

HSBC said it would not comment on specific accounts and maintains its stance that it must comply with the jurisdictions in which it operates.

Hui also said that the bank had initially chosen to cancel his account before changing its decision to just freezing it.

I can hardly accept the nearly laughable U-turn explanation given by HSBC regarding my credit cards, from ‘a commercial decision to cancel’ to ‘frozen only’ after enormous public criticisms, he said. This is not so much a mistake made by a frontline staff member.

HSBC’s asset management arm the former Asia Pacific head of ETF capital markets from State Street Global Advisors.

HSBC Global Asset Management hired Jacqueline Pang in the newly created Hong Kong-based role of APAC head of exchange-traded fund sales, according to a statement, reporting to global head of ETF sales Olga De Tapia. She will be tasked with expanding HSBC Global Asset Management’s ETF business, including sales and distribution.

Pang is a 20-year investment management veteran and was previously with SSGA for eight years. Prior to that, she was with Amundi Asset Management for five years where she ran its capital markets business and overseeing ETFs covering brokers and market makers across Europe.

«ETFs are one of the fastest-growing investment products in Asia and we’re expanding our sales team to continue to meet the investment needs of our Asian clients,» said de Tapia. «[Pang] extensive client-facing and ETF market experience will be invaluable to help grow our ETF platform in the region.»

HSBC’s co-head of advisory and investment banking coves has left the bank to pursue a senior role outside of the industry after joining two years ago.

Peter Enns has left HSBC, after relocating to Asia from London last year where he was last the global head of financial institutions group for the bank.

Prior to joining HSBC, Enns spent 21 years with Goldman Sachs in various roles including as the head of its Canada business.

Enns leaves both business areas in stronger franchise positions, with improved financial performance, said Greg Guyett, co-CEO of global banking and markets in the memo. I would like to thank Peter for his contributions to HSBC.

According to the bank, a search will be launched to replace Enns whose responsibilities in the meantime will be assumed by Adam Bashaw, the other global co-head of advisory and investment banking coverage.

Separately, the bank is also strengthening its Asia business with the relocation of its global head of fixed income research Steven Major from London to Hong Kong.

HSBC Private Banking gave a boost of confidence to female entrepreneurs in Hong Kong during the Covid-19 pandemic, as the week-long digital summit FoundHER, held in partnership with AllBright, concluded successfully. The summit, which gathered successful female founders and investors in town, sought to unite and build a strong business network that enables entrepreneurial success.

The Hong Kong series was convened between 16 and 19 November to tackle challenges female entrepreneurs encounter during times of adversity. The event was tailored to provide practical and timely advice on making a successful virtual pitch; insights from experienced angel investors, business leaders and wealth management experts on new investment opportunities; and real-time consultations on business pitches.

While investors are more stringent in their assessment of a firm’s business model and medium term growth potential during the Covid-19 pandemic, Fan Cheuk Wan, Managing Director and Chief Market Strategist for Asia, HSBC Private Banking, said, “We observe equally strong interests shared by private investors who are looking for innovative, sustainable investment solutions and business opportunities that will emerge robustly after the pandemic.” She added, “Female founders, especially those at early-stage startups, should stay highly adaptive and responsive to the rapidly changing world. By staying on top of the latest global and industry trends, they can build more robust and resilient businesses. Sustainable business models for startups can be more successful in convincing investors during fundraising, despite external challenges and a lack of track record.”

Echoing these views is Veronica Chou, a well-known female investor, and founder of Everybody and Everyone, a sustainable and eco-innovative womenswear brand. Chou shared that constant communication and risk aversion are keys for her brand’s success. She said “The one thing we all need to do more of is to connect and learn from other industries and even competitors.” She stressed the importance of collaborating with the industry, communities and society at large, to address the growing need for more sustainable and innovative business practices following the global pandemic. Heeding these calls in advance would help protect one’s business, especially during challenging times.

The FoundHER series has proven to be a meaningful and purposeful networking event at a time where the pandemic has severely hit growth plans of female founders across the city. HSBC Private Banking takes an active and functional role in enabling access to experts who can guide and support entrepreneurs, to help them grow their business and connect them to a variety of opportunities within its network.

Cynthia Lee, Regional Head of Wealth Planning & Advisory, Asia Pacific , said, “We are well-placed to push forward our efforts in supporting Hong Kong’s female entrepreneurs, as we partner with AllBright for the second consecutive year. The digital summit underscores the value and power of networking, to constantly bring in fresh ideas and lessons from sustainable and successful business models. We believe the programme will prepare female founders and enable them to thrive when new investment opportunities arise from the post-pandemic global recovery.”

Debbie Wosskow OBE, co-founder of AllBright said, “What we are doing with HSBC Private Banking is pivotal to create a format where every woman can pitch the investors skillfully and confidently. While many firms found it hard to navigate their business during the pandemic, FoundHERoffers female founders abundant toolkits and industry insights from the global women community.”