RPT-SPECIAL REPORT-How Beijing humbled Britain s mighty HSBC Reuters 17 hrs ago
(Repeats story first published on Monday.)
By Sumeet Chatterjee and Engen Tham
HONG KONG/SHANGHAI, June 28 (Reuters) - On a rainy day last November, China Baowu Steel Group, the world s largest steel maker, gathered its finance department for a training session on the outskirts of Shanghai. One highlight was a presentation featuring a sensitive slide: a black list of 60 lenders that the state-owned steel giant had declared off-limits.
Virtually all the lenders branded by China Baowu as too high risk to engage with were troubled Chinese banks, large and small. But at the very end of the list, a copy of which was reviewed by Reuters, there was a single foreign lender, one of the largest banks in the world: HSBC Holdings PLC.
How China humbled Britain s mighty HSBC Bank - The Hindu BusinessLine
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