HSBC Bank Boss Defends Ad Bans as 'Just Common Sense'

HSBC's boss on Monday responded to reports that the global banking giant had suspended its advertising in two British newspapers because of negative editorial coverage, saying it was "just common sense".

"We advertise in order to sell more banking products. It makes no sense to put an advert alongside hostile editorial coverage," Stuart Gulliver, chief executive of the London-based bank, told reporters.

"It's just a common sense, business thing, that the marketing team do. We don't put an advert alongside hostile editorial coverage cause we won't get any value for spending that advertising dollar," he said.

"It's nothing to do with trying to influence anybody's editorial coverage whatsoever," he added.

Peter Oborne, a senior journalist with Britain's Daily Telegraph, resigned last week due to concerns that financial interests were influencing coverage in his newspaper.

He said HSBC had suspended advertising and that this in turn had influenced editors in covering an international scandal over alleged tax avoidance by account holders in HSBC's Swiss private arm.

The Daily Telegraph denied Oborne's accusations.

Following his claims, however, The Guardian newspaper, which led the "SwissLeaks" coverage in Britain, said HSBC had also suspended its advertising in the daily.