Household HSBC Watch

In the earthquake shattered region of China people are suffering and donations are being received. The Chinese, however, are saying that major banks such as HSBC are donating very little compared to what they actually make. National Business Daily (NBD) pointed out that these overseas financial firms, which include HSBC, Goldman Sachs, and Citigroup, have enjoyed favorable prices as strategic investors in Chinese listed banks, and have found investing in China’s banking industry to be highly profitable. HSBC is the Hong Kong Shanghai Bank Corp - but they moved to England.

NBD commented that the foreign firms did not seem to be taking up their full “social responsibility.” By May 18, the domestic banking industry had donated over 750 million for earthquake relief, while the insurance industry had kicked in over 150 million yuan.