HSBC sparks controversy with ad campaign

HSBC has been criticised for an advertising campaign that claims the UK “is not an island”.

The campaign, created by the agency J Walter Thompson, is described as “championing the idea that we are all global citizens amid uncertainty around Brexit”.

Versions have appeared in Leeds, Birmingham, Manchester and London.

Thousands of people have reacted on social media, with some claiming the adverts are anti-Brexit.

One social media user questioned whether the bank risks “alienating a large number of potential customers”.

Bob Seely, MP for the Isle of Wight, took up the subject on Twitter, asking whether Brexit could mean “higher standards for banking”.

The mixed response has included praise of the adverts, with some calling it “brave”.

The advertising industry magazine Campaign has published images of the design, saying it “celebrates elements of British life that are indebted to the nation’s connections to the wider world”.

Regional variations include references to the Otley Run in Leeds, and the formation of Oasis in Manchester.

The campaign, which has the tagline “together we thrive”, includes a TV advert featuring British comedian Richard Ayoade.

HSBC is yet to respond for a request for comment on the reaction.

The campaign comes as HSBC is implementing changes to the way it operates in the UK.

In August, the bank revealed it had shifted ownership of its Polish and Irish subsidiaries from London to France, ahead of Britain’s exit from the EU.

It plans to do the same for seven additional European units.

Growing competition

HSBC and other long-established lenders are facing heightened competition for customers from new rivals.

Digital banks such as Monzo offer a primarily app-based service, with appeal to a younger generation of account holders.

In a bid to remain competitive, HSBC has been offering an upfront payment for switching to its current account.

HSBC, which derives from the company’s earlier name of Hongkong and Shanghai Banking Corporation, was founded in 1865 in British-ruled Hong Kong.

In 1992, it agreed to move its head office to London, after acquiring Midland Bank.

It has considered moving its HQ back to Hong Kong, but in 2016 committed to staying in London’s Canary Wharf.