October 27, 2013
Nothing to do with racism. Everything to do about corporate values and how they, in this case, are reflected in corporate behaviour. Think about Goldman Sachs, Barclays and Deutsche Bank and the headlines they have made over the years and potential reasons why. That really is a matter for another thread though. I will now bow out of this thread.
September 11, 2013
HSBC has 3 entities listed on CDIC site, HSBC is allowed to operate as a bank, etc in Canada. Media headlines, Netflix "documentaries", etc, are all just propaganda, someone's (maybe even "sponsored" by competitors) particular agenda, it's fiction to me. HSBC's an entity legally allowed by our regulators to operate in Canada, end of story for me.
October 15, 2015
April 27, 2017
Is HSBC leaving the banking market altogether? Then its to canadians detriment. They had some good mortgage specials to promote competition. I found this thread quite racist overall too. Just because someone involved in the company is chinese doesn't make it bad. Sorry off the rails again.
We don’t know if HSBC will leave or not. The Chinese shareholder (with 8% holdings) wants HSBC to cut costs and focus on Asia. HSBC has been less profitable than counterparts. HSBC board has not agreed to it but did indicate potential sale of Canadian operations. Does not mean they would be allowed to sell because it would increase market power for the likes of RBC, which is already obscene.
The concern wrt Chinese government involvement is valid in principle. For example a number of Chinese companies have been traded on western exchanges under western regulatory regimes but the Beijing dictatorship used confiscatory measures and broke all the rules which hurt shareholders. But Xi can’t do it to HSBC because its not a Chinese company. He can try to use market power to make HSBC management do things he wants. But same goes for Tesla, Apple Canadian farmers, etc.
I have been with HSBC and predecessors since the early 90s. Quite happy with the service. Multinational aspect is really helpful; they offer certain features other banks don’t. And for certain purchases, including travel, I use their Prime Mastercard. Good insurance. No quibble compensation when we had an issue.