The troubled lender tanked 5.33 percent to close at HK$29.30 -- a level not seen since mid-1995 -- as investors fret over its ability to continue doing business in China and Hong Kong, which make up a crucial portion of its growth.
"They may have trouble expanding the mainland business, after investing so much there over the past few years." HSBC told the investigation team that it has always met its legal duties on reporting suspicious activities.In a statement, it said the ICIJ report was"historical and predates the conclusion of our Deferred Prosecution Agreement in 2017".
The lender acts as a major business conduit between China and the West but that has left it more vulnerable than most to the crossfire of the increasingly bellicose relationship between the superpowers.
Lousy bank