HSBC hits out at ‘rumours’

Bloomberg

HSBC Holdings Plc hit out at unspecified “internet rumors’ in China, pledging to continue to invest and support Chinese economy as tensions grow.
In a statement on its official WeChat account, the bank urged the Chinese public to “reasonably” consider and assess its positive role as an international bank in the development of China’s market. “We have noticed some misleading rumours on HSBC recently, which are unfounded,” the London-based bank said.
“For over 150 years, we have been deeply rooted in China and have never stopped servicing the mainland,” the lender said. “Since the reform and opening more than 40 years ago, HSBC has been a steadfast backer of and active participant in China’s economic and social development.”
The comments came after HSBC this month publicly voiced its support for a new security law China is planning to enact in Hong Kong after pressure from officials and Chinese media.
That decision has drawn fierce criticism from one of its largest shareholders and also opened up internal fault lines at the lender, with some Hong Kong employees chafing at the move.