China banking regulator meets HSBC CEO

Noel Quinn, the Group Chief Executive of HSBC, met with Guo Shuqing, the Chairman of China’s banking and insurance regulator, on Thursday to discuss the global economic and financial situation, according to a statement from the China Banking and Insurance Regulatory Commission (CBIRC). This meeting came during Quinn’s first public visit to mainland China since the COVID-19 outbreak.

Guo reportedly expressed China’s desire to expand HSBC’s investment in the country, stating that China’s financial industry will continue to promote high-level opening up to the outside world and deepen international economic and financial cooperation.

In addition to the meeting with Guo, Quinn also met with Shanghai Mayor Gong Zheng on Thursday to discuss HSBC’s plans to strengthen its business in Shanghai and provide financial support for industry upgrades, according to an official WeChat post from Lujiazui financial city.

HSBC has recently come under pressure from Chinese shareholder, Ping An Insurance Group Co, to split off its Asian business to boost returns. This has occurred amid rising geopolitical tensions between China and the West. Quinn has denied that the campaign is politically motivated.

At the time of writing, HSBC had not responded to requests for comment.