HSBC to invest further in China amid political strife over Hong Kong law
HONG KONG, July 3 (Reuters) - HSBC Holdings Plc
said on Friday it would make new investments in its wealth
management and insurance operations in mainland China.
The announcement comes at a time when the UK-headquartered
bank is under fire from some shareholders and British lawmakers
for its support for the new National Security Law in Hong Kong,
its largest market, which critics say undermines freedoms in the
HSBC will establish a financial technology company on the
mainland, and its life insurance joint venture in China will
hire new staff to provide non-branch based wealth management
services to customers in Shanghai and Guangzhou, the
Asia-focussed lender said in a statement.
Many international financial institutions see opportunities
in providing services to upper middle class and rich individuals
in China and Asia more broadly.
HSBC hopes to be the top wealth manager in Asia in the
medium to long term, Greg Hingston, the bank's regional head of
wealth and personal banking told Reuters in May.
(Reporting by Alun John; Editing by Rashmi Aich)
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