HSBC CEO says bank ‘well provisioned’ for any further China real estate losses
Noel Quinn, Group Chief Executive of HSBC, speaks during the Global Financial Leaders Investment Summit in Hong Kong, China November 2, 2022. REUTERS/Tyrone Siu/File Photo Acquire Licensing Rights
LONDON, Nov 29 (Reuters) – HSBC (HSBA.L) is well provisioned against further China real estate losses, its CEO Noel Quinn said on Wednesday, amid a slump for the country’s property market that has led to bank writedowns in recent quarterly earnings.
Quinn reiterated that he felt the China property market had bottomed out, but said collateral consequences would potentially cause further losses for some banks.
“We feel as though we’re well provisioned,” Quinn told the Financial Times’ Global Banking Summit event in London.
The HSBC CEO also said he did not take a “burner phone” into Hong Kong, where thousands of the lender’s employees and clients are based, following media reports that some Western firms had encouraged staff to do so in view of escalating security concerns.
Quinn said he took two phones, two iPads and a laptop into Hong Kong and mainland China, but said the number of devices reflected splitting business and personal devices.
Reporting by Lawrence White, Writing by Iain Withers, Editing by Sinead Cruise
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