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Banks from HSBC to Citi shrug off China risks, embrace HK

Bloomberg
Bloomberg8/4/2021 03:47 PM GMT+08  • 4 min read
Banks from HSBC to Citi shrug off China risks, embrace HK
Hong Kong is the place to be if you want to participate in the Chinese capital markets
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Growing geopolitical tensions and pulled initial public offerings have done little to damp the appetite of Western banks for Hong Kong and China.
Standard Chartered Plc CEO Bill Winters was the latest executive in recent weeks to signal a sweeping Chinese government crackdown and rising geopolitical tensions between China and the US won’t derail his lender’s focus and investment in the region.

“We don’t see a structural or fundamental change in terms of the business opportunities for Standard Chartered,” Winters said on a call with reporters Tuesday. Hong Kong’s continuing role as a conduit into the Greater Bay Area mean “the opportunities for us in corporate banking and wealth management will be very, very substantial.”

His comments echo that of other firms such as Citigroup Inc, HSBC Holdings Plc and Credit Suisse Group AG, who all used earnings to underline it’s business as usual in Greater China. That comes despite a wide-ranging crackdown by Beijing on industries from its booming education industry to the technology sector last month as Xi Jinping’s Communist Party tightens its grip on the world’s second-largest economy.

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