News Snapshot:
London/Hong Kong | HSBC has become the first foreign lender to install a Chinese Communist Party committee within its investment banking subsidiary in the country, a move that underlines the tension facing the bank as it tries to navigate between Beijing and the West. The lender’s China investment bank, HSBC Qianhai Securities, recently established a CCP committee, say two people familiar with the decision. The move came after HSBC lifted its stake in the joint venture, which it launched in 2015, to 90 per cent from 51 per cent in April. HSBC is one of the most frequent targets of...
