HSBC Executive to Exit Saudi-British Lobby Group After Remarks
(Bloomberg) -- HSBC Holdings Plc’s head of public affairs, Sherard Cowper-Coles, is poised to step down from his role as UK chair of the Saudi British Joint Business Council this month, weeks after a British newspaper reported some controversial remarks he made at a speech in July.
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Cowper-Coles has decided against standing for reelection as a director of the council’s UK division at the group’s upcoming annual general meeting, according to a spokeswoman for the group, which aims to improve business relations between Saudi Arabia and the UK. His term as chair will also come to an end at that time, she said.
The former diplomat, who’s served as the UK ambassador to Saudi Arabia, told students at the University of Oxford that “the Arabic mind is empty compared to the Chinese,” according to the Daily Mail. He also told the audience that he wished he had learned to speak Chinese instead of Arabic when he was in public service because China is “more interesting.”
The executive was encouraged to give up the position at the lobby group following those comments, people familiar with the matter said, asking not to be identified discussing confidential matters.
Cowper-Coles didn’t respond to a request for comment, while a representative for HSBC declined to comment.
Read more: HSBC Executive Slams ‘Weak’ UK for Backing US Against China
Cowper-Coles had been at the center of a storm earlier when he accused the UK government of being “weak” by following US policy on China. Those remarks sparked criticism from many British politicians. He later apologized for “any offense caused,” saying the comments he made at a private event in London were “personal.” HSBC also said they were his personal views.
HSBC is one of the biggest overseas banks in Saudi Arabia, where it employs about 200 investment bankers. It holds an annual alumni event in Riyadh for a rising number of participants as more local employees leave for top government jobs or senior roles at rivals. The lender also owns 31% of Saudi Awwal Bank.
SBJBC, which has a presence in both Riyadh and London, comprises over 150 senior British and Saudi representatives from all sectors. It works closely with governments and trade associations, according to its website. Bloomberg LP, the parent company of Bloomberg News, is a member of the group.
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