HSBC has become the first foreign bank with investment business in mainland China to set up a Chinese Communist Party (CCP) committee as part of its operations, according to a July 21 Financial Times report.
HSBC Qianhai is a securities joint venture between HSBC and Qianhai Financial Holdings. After HSBC’s stake in the joint venture increased from 51 to 90 percent it established a CCP committee, the Financial Times reported, citing two people familiar with the matter.
