in

HSBC hits out at ‘rumors’ with China investment pledge

Pedestrians wearing protective masks walk past a HSBC Holdings Plc branch in Hong Kong, China, on Thursday, June 4, 2020. (ROY LIU / BLOOMBERG)

HSBC Holdings Plc hit out at unspecified “internet rumors’ in China, pledging to continue to invest and support the mainland economy.

“We have noticed some misleading rumors on HSBC recently, which are unfounded,” the London-based bank said

In a statement on its official WeChat account on Friday, 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. 

ALSO READ: HSBC revives plan to cut 35,000 jobs to boost growth

“We have noticed some misleading rumors 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 bank 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.”

ALSO READ: China rebukes Pompeo’s swipe at HSBC over legislation

Local news sites on Thursday published an article with the headline “HSBC may end its Chinese business, embark on massive layoffs.”

A day earlier, the lender announced it would revive a massive cost reduction plan that had been put on halt due to the virus. 

The plan, which includes cutting 35,000 jobs globally, is part of a move by HSBC to pivot more of its business to Asia, where it makes the bulk of its revenue.

READ MORE: HK shares edge up as HSBC, StanChart back security law

Reference