HSBC warns of reprisals from China in response to Huawei equipment ban in UK

HSBC Holdings Plc chairman Mark Tucker warned the UK of possible reprisals from China in response to the ban on Huawei network equipment.

HSBC is one of the largest financial conglomerates in the world, the largest bank in the UK in terms of assets and market capitalization. It is one of the systemically important banks. HSBC is headquartered in London.

Tucker conveyed a private message to British Prime Minister Boris Johnson through his advisers.

In January, the United Kingdom allowed Huawei to participate in the creation of the 5G network by 35%, limiting the participation of the Chinese manufacturer of the radio network. The United States called on its ally to reconsider the decision on Huawei and 5G, and in May it became known that the UK plans to reduce Huawei’s participation in the 5G network. Boris Johnson instructed to plan to reduce China’s participation in the British 5G infrastructure to zero by 2023.

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