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Published on 7/06/2020 2:05:42 PM | Source: Reuters

HSBC warns it could face reprisals in China if UK bans Huawei equipment - the Telegraph

Posted in Top Stories| #United Kingdom #HSBC #China #World Market

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HSBC Holdings Plc Chairman Mark Tucker has warned Britain against a ban on networking equipment made by Huawei Technologies Co Ltd, claiming the bank could face reprisals in China, the Telegraph reported on Saturday.

Tucker made the claim in private representations to British Prime Minster Boris Johnson's advisers, the newspaper reported, citing industry and political sources.

Britain designated Huawei a "high-risk vendor" in January, capping its 5G involvement at 35% and excluding it from the data-heavy core of the network. It is looking at the possibility of phasing Huawei out of its 5G network completely by 2023, according to officials.

(Reporting by Ismail Shakil in Bengaluru; Editing by Dan Grebler)