HSBC and Standard Chartered in highlight after China spy scandal

Pressure is mounting on HSBC and Standard Chartered to review their ties with a leading UK think tank after one of its directors was arrested on suspicion of spying for China.

David Taylor was head of programmes at Asia House, which promotes engagement between Asia, Europe, and the Middle East and counts both banks among its main backers.

HSBC, Standard Chartered and life insurer Prudential are some of its major funders. In 2024, each provided a £50,000 grant, according to accounts filed with Companies House. This followed similar donations in 2023, 2022 and 2021.

All three, which have big operations in China and the rest of Asia, also have senior staff in the think tank.

Pressure: HSBC and Standard Chartered are being urged to review their ties with leading UK think tank Asia House

David Quarrey, HSBC’s head of public affairs, and Wendy Wang, chief information officer at its commercial banking division, sit on Asia House’s board of trustees.

So do Tanuj Kapilashrami, Standard Chartered’s chief strategy and talent officer, and Prudential head of government relations and public policy, Duncan Buchanan.

Campaigners are calling for the banks to urgently look into their relationship with the think tank after Taylor’s arrest.

Standard Chartered and HSBC declined to comment.

Prudential did not respond to requests for comment.