A top executive at HSBC has apologized after reportedly calling the UK government “weak” over its dealings with China, in another sign of the political tightrope the British bank has to walk.
Sherard Cowper-Coles, HSBC’s head of public affairs, inadvertently caused a firestorm Monday when Bloomberg reported his criticism of both the United Kingdom and the United States over their approaches to the world’s second largest economy.
According to Bloomberg, which cited several unidentfied sources, Cowper-Coles told participants of a private event in June that he felt Washington had pressured London into pulling back on business with China.
He also said the British government would often concur with US demands, calling it “weak,” the publication reported.
HSBC makes a large proportion of its profit in mainland China and Hong Kong, but is headquartered and listed in London, leaving it particularly vulnerable to increasing geopolitical tension between Beijing and the West.
Cowper-Coles, a former diplomat who has served as UK ambassador to Israel, Saudi Arabia and Afghanistan, among other postings, was also cited as saying Britain shouldn’t blindly follow the United States, but take care of its own interests.
According to HSBC and Cowper-Coles, the fiery comments were made under the Chatham House rule — a longstanding practice named after a British think tank that means those involved can use the information discussed but not specify the identity or affiliation of the speaker.
“My personal comments don’t reflect the views of HSBC or the China-Britain Business Council,” the executive said in a statement to CNN, referring to a trade lobby he runs as chairman.
Cowper-Coles added that he apologized “for any offense caused.”
The bank echoed that sentiment in its own statement, telling CNN: “Sherard was at a private roundtable discussion under the Chatham House Rule and shared his personal views.”
