HSBC boss knighted despite bank's controversial ties to China

Mark Tucker, chairman of HSBC, speaks in New York last month. Photo: Gina Moon/Bloomberg

The chairman of HSBC was awarded a knighthood despite previously coming under fire over the bank's controversial ties to China.

Mark Tucker, who has led HSBC since 2017, was honored for services to economics in the King's birthday list decades later. careers in insurance and banking.

Tucker, 66, has been a prominent figure in Asian business since the 1990s and led HSBC during the recent diplomatic cooling between the West and China.

At the same time, he watched the bank's share price improve. and profits in recent years, HSBC's actions in Hong Kong have come under fire as Beijing exerts increasingly authoritarian control over the region.

Mr Tucker came under fire three years ago from a coalition of international politicians after HSBC froze the accounts of Hong Kong democracy activist Ted Hui and his family, who had fled to Britain.

At the time, more than 50 members of the Inter-Parliamentary Alliance in China wrote to Mr Tucker demanding an explanation. He refused to meet the group.

Iain Duncan Smith, who led the initiative, said HSBC still had questions to answer about the matter.

He said: “HSBC has frozen the accounts of people from Hong Kong who came to the UK under orders Chinese government, but when it comes to knighthoods in the UK, they like to be listed in London.»

HSBC makes more money from customers in Hong Kong than from the UK, and so still maintains strong ties with China despite geopolitical tensions.

As part of his role in running the bank, Mr Tucker travels frequently to Shanghai. and meets frequently with senior Chinese government officials.

Since he took over as chairman, HSBC has been forced to walk a political tightrope.

Relations between the UK and China are at their worst in recent years decades: Beijing is suspected of involvement in the recent hacking of the Ministry of Defense and a major data leak.

Mr. Tucker is highly respected in financial circles and is known for his strong work ethic. HSBC recently reported its best ever financial results and is considered by many shareholders to be one of the most capable chairman in finance.

He rose to prominence as chief executive of Prudential before joining AIA, the Asian insurer giant.

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Mr Tucker currently divides his time between London, New York and Hong Kong and is a member of the Bank of England Court and the Board of Directors of Goldman Sachs.

Mr. Tucker was a former professional football player. is a long-time player for Wolverhampton Wanderers and is a keen Chelsea fan.

He is due to leave the bank in 2026 and is currently seeking a third HSBC chief executive during his tenure after Noel Quinn announced his plans. to resign.

All four of Mr Tucker's predecessors as chairman were honoured: Sir William Purves, Sir John Bond, Lord Green and Sir Douglas Flint.

HSBC stepped down comments.