HSBC Executive Apologizes For Calling UK 'Weak' For Complying With US Over China Restrictions

HSBC’s head of public affairs, Sir Sherard Cowper-Coles, apologized for criticizing U.K.’s compliance with U.S.-China business restrictions, BBC reports.

Cowper-Coles had accused the British government of being “weak” for complying with U.S. demands to cut back business dealings with China. The comments were made during a private roundtable discussion and were his personal views, according to a spokesperson for the bank.

The U.K.-based firm generates a significant portion of its profit in Asia, including China. Sir Sherard, who is also chairman of the China-Britain Business Council lobby group, apologized for any offense caused, stating his comments did not reflect the views of HSBC or the China-British Business Council.

He had suggested that Britain often bowed to calls by the U.S. and should prioritize the UK’s own interests. This comes amidst increasing tensions between U.S. and China, with HSBC having to navigate a fine diplomatic line between authorities in Washington and Beijing.

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