|
HSBC SAYS NO TO BLACK AND AFRICAN BUSINESS!
Stephen Green (center), Group Chairman of HSBC Holdings, at a recent shareholders meeting |
RAISING FINANCE is often the biggest hurdle for anyone seeking to start a business. But over the years, there has been great concern that the lack of access to adequate finance is a major barrier to the success of ethnic minority businesses.
The Bank of England commissioned some very important research on this issue some years ago, and some of the high street banks have taken the results on board, and have implemented initiatives designed to address the issue. However, the Chinese bank, HSBC, would seem to be taking quite a different view.
In a telephone conversation with a senior HSBC marketing executive, this newspaper was told that the Bank had no interest in courting African and black business. HSBC's own website has said that their diversity strategy is based on the premise that the most important competitive differentiators are the quality of individual services that they provide to their customers and the way in which they treat their employees.
It says, "We know that employing diverse people makes us more adaptable to new situations. This is not simply about gender, ethnicity, diversity, religion or age; it is about respecting individuals and treating everyone, customers and employees, with dignity."
But the harsh reality is that in practice HSBC have no interest in supporting black or African businesses. Which is quite surprising when you consider the great investments be made in Africa by the Chinese government. We must therefore assume that this is a position taken up by the British management of the UK branches.
Under pressure from certain quarters, they have established a specialised division, South Asian Banking, run by specialist commercial managers in branches around the country. These teams are dedicated to serving South Asian businesses in the UK, but are not for black and African businesses. This stance by HSBC, and other banks like it, goes to the very heart of why black businesses find it difficult to establish themselves in the UK.
|
