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HSBC sets up Communist Party group in Chinese investment bank unit

The move makes HSBC the first foreign bank to roll out a measure required in Beijing but not yet widely enforced among foreign financial services firms

By Penny Sukhraj
Growing tension between China and the West has created tension for London-headquartered HSBC, which makes the majority of its profit in China and still plans to expand across the country
Growing tension between China and the West has created tension for London-headquartered HSBC, which makes the majority of its profit in China and still plans to expand across the country Photo: AFP via Getty Images

HSBC has set up a Chinese Communist Party committee within its investment banking unit.

The move, which sets up the group within its China investment bank, HSBC Qianhai, was reported by the Financial Times and makes HSBC the first foreign bank to roll out a measure that is a requirement in Beijing but which is yet to be widely enforced among foreign financial services firms.

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