HSBC’s company reportedly has set up a party committee of the Communist Party of China (12:34) – 20220721 – Instant Financial News

The report said the party committee would not take on any management role like a Chinese state-owned enterprise.

The report quoted sources as saying that among the seven global banks with investment banking business in mainland China so far, only HSBC has set up a party committee of the Communist Party of China.

Other banks declined to comment to the FT.

China’s company law, which requires the establishment of a party committee, has not been widely enforced in foreign financial institutions, the report said.

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