HSBC executive apologises for saying Britain ‘weak’ for bowing to US demands

A senior executive at banking giant HSBC has apologised for comments suggesting that Britain would be “weak” for siding with the US and cutting back business dealings with China.

Sir Sherard Cowper-Coles made the comments during a private meeting but issued an apology after they appeared in a report in Bloomberg News.

The head of public affairs at the bank reportedly told the attendees that Britain often complied with the US’s demands, and should stand by its own interests rather than blindly following calls from Washington, according to the newswire which cited people familiar with the matter.

Sir Sherard, who is a former diplomat and chairman of the China-Britain Business Council, has since insisted that his personal views do not reflect those of the bank.

He said in a statement: “I was speaking at a private event under Chatham House Rule and my personal comments don’t reflect the views of HSBC or the China-Britain Business Council. I apologise for any offence caused.”

The banking group also emphasised that the executive was sharing his personal views at the private event.

Chatham House Rules refers to an agreement between attendees at a private meeting that they will not be identified over any comments made during discussions.

But the Bloomberg report found that Sir Sherard was behind the remarks, including indicating that the UK was bowing down to US demands when it banned Chinese telecoms giant Huawei from supplying equipment to build the nation’s 5G network.

It comes at a time of heightened tensions between the US and China, the first and second biggest economies in the world.

It also follows a dispute between HSBC and its biggest shareholder, Ping An Asset Management, over calls to split the company in two and have a Hong Kong-listed Asia spin-off.

HSBC pushed back on the demands and said the move would damage its unique global position which it insisted is good for shareholders and customers.

The majority of the bank’s shareholders voted against the resolution put forward by Ping An at its annual general meeting early this year.

But the bank afterward revealed it had plans to bolster revenues in its Asia business amid the pressure.

More than 80% of HSBC’s profits are generated outside of the UK, largely from mainland China and Hong Kong.