HSBC plans Hong Kong summit to fill gap left by Credit Suisse

HSBC Holdings plans to hold a new flagship investor conference in Hong Kong next year to replace the marquee event now being dropped by Credit Suisse Group.

The London-headquartered bank is planning to hold an event at the upscale Conrad Hotel from Apr 8 to 10 in the Central business district, historically the venue for Credit Suisse’s annual Asian Investment Conference. HSBC is expecting to host more than 2,000 clients and investors, pivoting off the bank-sponsored Hong Kong Rugby Sevens from Apr 5 to 7.

“We will bring together clients, investors and thoughtful leaders from all around the world to discuss developments, challenges and, most of all, opportunities,” a spokesperson for the bank said.

The move comes as Hong Kong authorities are seeking to resurrect the city after years of Covid restrictions and a crackdown on civil liberties that has transformed the once freewheeling financial hub.

As the dominant bank in the city, HSBC has had to walk a tightrope between an increasingly authoritarian regime and criticism from Western lawmakers and activists in the city over its endorsement of a Beijing-imposed national security law.

The lender has also been fighting off pressure from its largest shareholder, China’s Ping An Insurance Group, to split off its Asian operations to boost profitability.

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Credit Suisse, which is being bought by Swiss rival UBS Group, had hosted the annual conference since 1998. BLOOMBERG