By NNN-Bernama
Colombo : HSBC, one of the world’s largest banks, has said that it practises the highest standards in its operations and adheres to all laws and regulations in every country it operates.
The bank said this in reaction to recent allegations by Sri Lanka’s opposition party United National Party (UNP) that the bank is violating the country’s laws in the government’s plans for a commercial bond issue of US$500 million (56.5 billion Sri Lanka rupees).
The UNP is claiming that the money is being used for purposes other than that stated in public.
HSBC along with JP Morgan and Barclays are lead managers of the bond issue.
In a statement issued here Friday, HSBC said as one of the largest financial organisations in the world it has a major footprint in the international capital market based on integrity and commitment.
HSBC also has a long and proud history in Sri Lanka stretching back more than 100 years, it said a day after UNP Leader Ranil Wickremesinghe threatened to cancel the bank’s license in the event of a future UNP government.
The Central Bank says the bond issue is for the purpose of funding major infrastructure projects in the country.