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Jul 26, 2020

HSBC gets approval to close down a Shenzhen sub-branch

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Chinese authorities on Friday approved a request by British bank HSBC to shut down its branch in Shenzhen’s Longgang district.

The Shenzhen office of the China Banking and Insurance Regulatory Commission has granted a request by the bank to close down its local sub-branch in the city’s Longgang district, which has a population of over 2 million, according to a circular from the local banking and insurance authority.

The announcement, dated July 17 but published on Friday, came as more evidence emerged about how the lender was involved in a scheme devised by the US to fabricate evidence and maliciously frame Huawei Chief Finance Officer Meng Wanzhou.

The bank was told to return the financial license of the local sub-branch within 15 days and make a public disclosure and cancel the industrial and commercial registration.

HSBC has a total of 10 branches and sub-branch banks in Shenzhen.

The bank, which generates almost 80 percent of its profits in China, has drawn a lot of heat and public anger in China due to its role in Meng’s arrest in Canada.

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