US bank run victims were bailed out in 3 days. In China, many have been waiting a year
edition.cnn.com/2023/04/21/investing/china-us-banking-crisis-hnk-intl/
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US bank run victims were bailed out in 3 days. In China, many have been waiting a year
edition.cnn.com/2023/04/21/investing/china-us-banking-crisis-hnk-intl/
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Key FactsReport: HSBC Qianhai Securities establishes a Communist Party committee
Apr 26, 2023 · Reading time: ~30 sec.
Summary created with AI assistance
Summary created with AI assistance
- According to the Financial Times, HSBC has become the first Western lender in China to establish a Chinese Communist Party committee in an in-country investment banking operation.
- The FT said that HSBC Qianhai Securities established a CCP committee after HSBC's stake in the joint venture expanded from 51 to 90 percent, citing two persons acquainted with the move.
- Such committees can install party officials at the administrative level of a corporation, although sources close to HSBC told the FT that the committee in question would not have any management responsibilities.
- According to the Financial Times, HSBC employs approximately 7,000 people in mainland China.
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