HSBC’s Asia Pivot Stokes Tension Between Hong Kong, London

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  • Bloomberg Markets and Finance published this video item, entitled “HSBC’s Asia Pivot Stokes Tension Between Hong Kong, London” – below is their description.

    Apr.20 — The global heads of HSBC Holdings Plc’s investment banking, commercial banking and wealth are relocating to Hong Kong this year as the bank accelerates its pivot to Asia. Senior bankers expect that to be a cause of friction with regional chief Peter Wong who has so far enjoyed a high degree of autonomy. Bloomberg’s Candice Zachariahs reports on “Bloomberg Daybreak: Asia.”

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    In This Story: Hong Kong

    Hong Kong, officially the Hong Kong Special Administrative Region of the People’s Republic of China (HKSAR), is a metropolitan area and special administrative region of the People’s Republic of China on the eastern Pearl River Delta of the South China Sea. With over 7.5 million residents of various nationalities in a 1,104-square-kilometre (426 sq mi) territory, Hong Kong is one of the most densely populated places in the world.

    Hong Kong became a colony of the British Empire after the Qing Empire ceded Hong Kong Island at the end of the First Opium War in 1842. The colony expanded to the Kowloon Peninsula in 1860 after the Second Opium War and was further extended when Britain obtained a 99-year lease of the New Territories in 1898. The whole territory was transferred to China in 1997. As a special administrative region, Hong Kong maintains separate governing and economic systems from that of mainland China under the principle of “one country, two systems”.

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