A senior HSBC executive has been forced to apologise after accusing Britain of being “weak” for complying with US demands to cut back dealings with China.

Sir Sherard Cowper-Coles, head of public affairs at the London-headquartered bank, said that the UK bows to the demands of Washington and should not blindly follow the US, Bloomberg first reported.

He reportedly said that an example of the British government caving to US demands included banning Chinese telecoms giant Huawei from taking part in building the country’s 5G network.

The comments come as HSBC faces growing scrutiny of its activities in China and Hong Kong, where it has been accused by British MPs of complicity in human rights abuses.

A HSBC spokesman said Sir Sherard, who is also chairman of the China-Britain Business Council lobby group, made the comments at a private roundtable discussion and shared his personal views.

In a statement released by the bank, Sir Sherard said: “I was speaking at a private event under Chatham House rules and my personal comments do not reflect the views of HSBC or the China British Business Council. I apologise for any offence caused.”

Sir Sherard was speaking at an event in London in June under Chatham House rules, which means attendees can use the information gained from discussions, but should not reveal the identity of who made the comments.

HSBC supported a Beijing-backed law introduced in 2020 that banned anti-government activity in the former British colony. At the time, the bank said it “respects and supports all laws that stabilise Hong Kong’s social order”.

Since the law was introduced, HSBC has frozen the bank accounts of a raft of activists, including pro-democracy politician Ted Hui, on orders from Hong Kong police.

The bank, which counts Hong Kong as its biggest market, has said repeatedly that it has to comply with laws in every jurisdiction where it operates.

Earlier this year, The Telegraph revealed that HSBC had admitted it risks endangering human rights amid its pivot to Asia.

In an internal review, the lender found that freedom of speech and freedom from arbitrary arrest were among a host of human rights that it was at risk of undermining as a result of its business activities and relationships

Sir Sherard is a former British ambassador who held posts in Saudi Arabia, Israel and Afghanistan.