HSBC investor conference to fill void left by Credit Suisse

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

The London-based bank is planning to hold an event at the Conrad Hotel from April 8 to 10, 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 April 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 business after years of Covid restrictions and a crackdown on civil liberties that has transformed the city.

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 its Asian operations to boost profitability.

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

Separately, Peter Wong Tung-shun, chairman of the Hongkong and Shanghai Banking Corporation, said yesterday the bank is preparing for a major investor conference but it is still at the preliminary stage.

At a charity event, Wong said he expected the conference to bring more people to Hong Kong to learn more about the city's latest developments now that the border has reopened.

Wong also noted consumers will regain their confidence when US interest rates peak.

Many tourists gradually returned to the city after the border reopening to stimulate consumption, although exports had been dragged down by global demand, Wong said.

He expected consumption to support the local economy this year.