Featured Events
Through the BABC, members have the opportunity to develop valuable business contacts within the British American community and to exchange ideas and information with a cross section of business, trade and governmental interests.
Club Level Highlight
Brexit: Forging the New U.K. – U.S. Relationship – Faegre Drinker Biddle & Reath
The United Kingdom (U.K.) left the European Union (EU) on 31 January 2020. Under the U.K.- EU withdrawal agreement, a transition period will end on 31 December 2020 (unless it is extended). During the transition period the U.K. will continue to participate in the single market and customs union and will otherwise be treated as if it were still an EU member state. For its part, the United States (U.S.) has shown strong interest in strengthening ties with the U.K on trade and a host of related regulatory and national security issues, many of which have strong bipartisan support in the U.S. Congress. As a result, a possible U.S.-U.K. trade agreement is likely to be a priority for the U.S. regardless of the outcome of the upcoming November 2020 presidential election.
For the U.K. Government, the end of the transition period is politically symbolic, and it has been reluctant to extend it. Although the negotiations between the EU and U.K. are continuing remotely, the coronavirus pandemic has significantly increased uncertainties. The economic impact of the shutdown of the U.K. economy in order to fight the coronavirus could be substantial and could potentially change the U.K. Government’s stated position and political calculations going forward. If the deadline were not extended and the U.K. were to reach the end of the transition period with no trade deal, the relationship would revert to World Trade Organisation rules. U.K. businesses would then be required to deal with the double shock of the coronavirus shutdown, as well as a complete overhaul to the terms in which they operate. The EU is facing challenges as well, since fighting the coronavirus pandemic is testing its resources and the cohesion between Member States.
Recent News
Member Feature – HSBC
HSBC, one of the world’s largest banking and financial services organizations is a Club Level member of the BABCPHL. The Bank serves more than 40 million customers through their global businesses: Wealth and Personal Banking, Commercial Banking, and Global Banking and Markets. The HSBC network covers 64 countries and territories in Europe, Asia, the Middle East and Africa, North America and Latin America. Listed on the London, Hong Kong, New York, Paris and Bermuda stock exchanges, shares in HSBC Holdings plc are held by around 197,000 shareholders in 130 countries and territories. HSBC was born from one simple idea – a local bank serving international needs. In March 1865, HSBC opened its doors for business in Hong Kong, financing trade between Europe and Asia. For more than 150 years HSBC has connected customers to opportunities. HSBC has weathered change in all forms – revolutions, economic crises, new technologies – and adapted to survive. The resulting corporate character enables HSBC to meet the challenges of the 21st century. Customers range from individual savers and investors to some of the world’s largest companies, governments and international organizations. HSBC dutifully serves clients and the environment; they are mindful of social responsibilities, and committed to high standards of governance. HSBC won the global titles of ‘World’s Best Bank for SMEs’ and ‘World’s Best Bank for Public-Sector Clients’ in the Euromoney Awards for Excellence 2019. The Bank has provided approximately USD80 billion in support to its customers globally to help them cope with the impact of the coronavirus pandemic. This includes over USD27 billion in relief through 700,000 payment holidays on loans, credit cards and mortgages to help personal lending customers manage their finances. They have extended USD52 billion of lending facilities to more than 172,000 wholesale customers globally, both through government schemes and our own initiatives – helping businesses stay resilient through tough times and plan for the recovery. HSBC has led on more than USD1.15 trillion of capital raising for clients in equity and debt capital markets in the first six months of 2020, helping them meet their funding and liquidity needs. Thank you HSBC for your steadfast commitment to your customers and the environment. We are honored to partner with you and recognize you as a BABCPHL member for more than a decade.
