Hong Kong chief executive Carrie Lam publicly backed HSBC for more expansion in Hong Kong days after the British lender’s chief Noel Quinn was grilled by British members of parliament.
The Hong Kong chief said she would «love» to see the bank expand in Hong Kong, according to a «Bloomberg» report.
HSBC aside, Lam added that the local government will «continue to work with the banking industry in Hong Kong, not only to grow their business in Hong Kong, but also the Greater Bay Area, because that's where Hong Kong's strength lies».
Her endorsement of HSBC’s expansion in Hong Kong comes just days after its CEO Noel Quinn faced questions from U.K. politicians over the bank’s decision to freeze the accounts of activists and support the national security law.
Complying with U.S. Sanctions
Despite an existing national security law in Hong Kong that could deem compliance with U.S. sanctions as a violation, Lam said that it was unlikely that China would punish such banks.
«I don't see why the Central People's Government would take that sort of action,» said Lam.
Hong Kong Regime: «Rule-Based»
Furthermore, Lam also criticized the U.S. for creating sanctions that are politically driven compared to Hong Kong’s regulatory regime which she described as «rule-based».
Nonetheless, she admitted that she understood why individuals and companies were considering alternatives to the Hong Kong hub though she added that «the money has not yet moved».
«Hong Kong will continue to strengthen our competitiveness in order to attract more capital,» Lam said.
