HSBC chief apologizes for suggesting UK be too hard on China policy

HSBC backs China-backed law to ban anti-government activities in Hong Kong Photo: ISAAC LAWRENCE/AFP

A senior HSBC executive was forced to apologize after , as he accused the UK of «weakness» for complying with tough US demands to cut deals with China.

Sir Sherard Cowper-Cowles, head of public relations at the London-headquartered bank, said the UK submits to Washington's demands and should not blindly follow the US, Bloomberg reported for the first time.

He reportedly said that an example of the British government yielding to US demands is the ban on Chinese telecommunications giant Huawei from participating in network construction 5G in the country.

The comments come as HSBC faces growing scrutiny of its operations in China and Hong Kong, where British MPs have accused the company of complicity in human rights abuses.

An HSBC spokesman said Sir Sherard, who is also chairman of the lobbying group Sino-British Business Council, made comments at the closed round table discussion and shared his personal views.

In a statement released by the bank, Sir Sherard said: “I was speaking at a private event in accordance with Chatham House rules and my personal comments do not reflect the views of HSBC or the China British Business Council. I apologize for the offense.»

Sir Sherard spoke at an event in London in June in accordance with Chatham House rules, which means that participants can use information obtained in the discussions, but must not reveal the identity of the person who made comments.

HSBC backed a Beijing-backed law passed in 2020 to ban anti-government activities in the former British colony. At the time, the bank said it «respects and supports all laws that stabilize public order in Hong Kong.»

Since the passage of the law, HSBC has frozen the bank accounts of numerous activists, including supporters of Democratic politician Ted Hui, on orders the Hong Kong police.

The bank, which considers Hong Kong its largest market, has repeatedly stated that it must comply with the laws in all jurisdictions where it operates.

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Earlier in this The Telegraph reported that HSBC admitted it risked compromising human rights in its pivot to Asia.

During an internal review, the lender found that free speech and freedom from arbitrary arrest were among many human rights that the company could undermine as a result of its business activities and relationships

Sir Sherard is a former British ambassador who has held posts in Saudi Arabia, Israel and Afghanistan.< /p>