HSBC Chief Has 'total Confidence' In Hong Kong

HSBC chief executive Noel Quinn on Wednesday said he has "total confidence" in Hong Kong, which he thinks will remain a "very strong international financial centre”.

Quinn made the comments in an exclusive interview with RTHK on the sidelines of the Global Financial Leaders’ Investment Summit.

“I’ve got no doubt whatsoever that Hong Kong will remain a very strong international financial centre, as evidenced today by so many people from around the world coming back in to Hong Kong, so I have total confidence in Hong Kong,” he said.

Quinn said while the city has gone through a “difficult time” dealing with the Covid-19 pandemic, he and other industry leaders want to “see it reopen and continue to develop.”

He added that the bank hasn’t had any problems recruiting people, despite a shrinking workforce in the SAR.

“We have tremendous local and international talent in Hong Kong,” Quinn said. “We’ve made some senior external hires in the last twelve months, even with Covid, and I’m very confident talent will come back to Hong Kong because Hong Kong represents opportunity.”

The HSBC chief also said the bank is maintaining a regular dialogue with its largest shareholder, Chinese insurer Ping An, which has been pushing the banking giant to spin off its Asian business.

But Quinn signalled that there was no change in HSBC’s position.

“We made it clear on the half year we thought the best strategy for the bank was to remain an internationally-connected bank driving international connectivity on behalf of our clients,” he said.

“We think that’s the fastest, safest and best way to drive improved performance and improved returns.”

Quinn also reiterated that the bank would revert to quarterly dividends from 2023.