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At this point HSBC is basically an arm of the CCP, so it's interesting to consider what they might expect to gain from this.
by logicchains 4y ago
At this point HSBC is basically an arm of the CCP, so it's interesting to consider what they might expect to gain from this.
- e2le 4y agoIt's my understanding that HSBC is a British bank, has this changed?
- fredoralive 4y agoIt's complex. It started as the Hongkong and Shanghai Banking Corporation, and was historically based in Hong Kong. During the 1990s it moved its headquarters to London ahead of Hong Kong being returned to China, and amongst other international expansions and acquisitions bought the Midland Bank, which is now the HSBC UK high street bank[1]. It still has a large presence in the far east (and indeed its current strategy is a "pivot" to the east), it's the complexities around its interactions with China that the original post refer to. I suspect the main "political" point of the acquisition, if any, is UK domestic factor that its just done the UK government a big favour by solving the SVB UK issues without the government having to spend any money. No doubt they can remind the government of that fact in the future. [1] SVB UK has specifically been acquired by HSBC UK Bank plc, the ringfenced subsidiary that owns the UK "high street" operation.
- tehjoker 4y agoThe official name is the Communist Party of China (CPC)
- ceejayoz 4y agoCCP is more commonly used in English; https://en.wikipedia.org/wiki/Chinese_Communist_Party https://en.wikipedia.org/wiki/Chinese_Communist_Party.
- tehjoker 4y agothat's kinda my point
- sebzim4500 4y agoOn some level I admire your level of pedantry but even the CCP calls it the CCP.
- tobbe2064 4y agoSource?
- rvnx 4y agoEDIT: Some could link to Chinese roots because of its name: Hong Kong & Shanghai Banking Corporation + the largest shareholder of HSBC is Ping An (whose major owner is Central Huijin Investment = Central Communist Government)
- smcl 4y agoI see you're expanding your comment from "It's literally in the name", adding facts as you make your way through the wikipedia article (scaling back to just "chinese roots" when you realised it's headquartered in London, then adding Ping An + Central Huijin Investment).
- rvnx 4y agoYes because I got suddenly so many downvotes from users who didn't believe it was tied to China and thought it was a joke that I had to precise. But you are right.
- smcl 4y agoI think people took issue with the pretty extreme claim that it is an "arm of the CCP" - by now it is no secret and no surprise that the Chinese government have sizeable investments overseas. They're also the second-largest foreign holder of US treasuries if you wanna go wild with that one.
- rvnx 4y agoTrue, when the original commenter is claiming it's an arm of CCP it's wildly exaggerated. Thank you for sharing the view on US-treasuries, it is very interesting, and I didn't expect it to be that large portion.
- 4y ago
- deleted 4y ago[deleted]