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HSBC sees risks of wider contagion to markets from Russia-Ukraine conflict

by Mike Robinson

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© Reuters. FILE PHOTO : A pair of pedestrians wearing face masks in response to the outbreak of coronavirus (COVID-19), walk by a HSBC Bank branch in Hong Kong China, February 22, 2022. REUTERS/Lam Yik

LONDON, (Reuters) – The head of HSBC in Europe, which is one of the largest banks worldwide, stated Tuesday that he was worried about “wider contagion”, which could affect global markets due to the Ukraine crisis.

In an interview with Reuters, Noel Quinn stated that although the exposure to HSBC was very limited, he was aware of wider consequences.

He stated that “It is clear there is a possibility of contagion, or some second-order effect”, but this will depend upon the severity and severity of any conflict.

Ewen Stevenson was the chief financial officer of the bank. She said that the bank was closely monitoring security in Moscow for 200 employees, but did not plan to withdraw them.

Our main concern today is to ensure the safety and security our staff. “The vast majority are Russians,” said he.

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