Business & Finance

Reuters exclusively reports how China is clamping down on HSBC

Reuters reported exclusively on a clampdown of HSBC by many of China’s gargantuan state-owned enterprises, which manage the nation’s largest industrial projects and are responsible for $9.8 trillion of revenue annually. People inside the state enterprises and HSBC told Reuters that Beijing has grown disenchanted with the bank over sensitive domestic and international legal and political issues, from China’s crackdown in Hong Kong to the U.S. indictment of an executive at Chinese national tech champion Huawei Technologies. Reuters identified nine state-owned enterprises that have ended or cut back on their business with HSBC as a result of the bank’s falling out of favor with Beijing. 

Article Tags
Topics of Interest: Business & Finance
Type: Reuters Best
Sectors: Equities
Regions: AsiaEurope
Countries: ChinaEngland
Win Types: Exclusivity
Story Types: Special Report / Insight
Media Types: Text
Customer Impact: Major Global Story
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