(qlmbusinessnews.com Tue, 8th Aug, 2023) London, UK —
HSBC's Head of Public Affairs, Sir Sherard Cowper-Coles, has issued an apology after he was reported to have characterised the British government as “weak” for complying with US requests to curtail business interactions with China.
A spokesperson from the bank clarified that Sir Sherard Cowper-Coles made these remarks “during a private roundtable discussion and shared his personal opinions.”
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Over the past few years, the relationship between the United States and China has grown increasingly strained.
The UK-based banking corporation derives a substantial portion of its profits from Asia, particularly China.
“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,” Sir Sherard, who also serves as the Chairman of the China-Britain Business Council lobby group, stated in a response conveyed to the BBC by HSBC.
The Chatham House Rule permits participants in meetings to utilize the information garnered from discussions while maintaining the anonymity of those who contributed comments. This rule, originating nearly a century ago, provides a framework for engaging in discussions on contentious topics and takes its name from the Royal Institute of International Affairs' London headquarters.
During the closed-door meeting, Sir Sherard reportedly expressed that the UK frequently acquiesced to US demands and suggested that the nation should prioritize its own interests instead of unconditionally following the lead of Washington. Bloomberg News, citing multiple informed sources, was the first to report on these comments.
According to sources, Sir Sherard highlighted an instance of the UK capitulating to US pressure when the country excluded Chinese telecom giant Huawei from participating in the construction of its 5G mobile phone networks in 2020.
HSBC generates more than 80% of its profits from international sources, with over half of that originating from mainland China and Hong Kong. As a result, the global banking behemoth must navigate a delicate diplomatic path between the authorities in both Washington and Beijing.
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With the ongoing exchange of trade restrictions between the world's two largest economies, the UK and other Western governments find themselves caught in the crossfire of this trade dispute.
In October, Washington unveiled limitations on Beijing's access to advanced computer chip technology. In response, China recently imposed export restrictions on gallium and germanium, essential materials for the semiconductor industry.
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