HSBC has said it is on alert for a possible shadow banking crisis as concerns about the private credit industry grow. Pam Kaur, HSBC’s chief financial officer, said on Tuesday that the bank had relatively small exposure to the private loans industry but was concerned about the “second and the third order risk” if issues start to affect the industry more broadly. She said: “The thing that worries me most, and I have gone through crises as a chief risk officer before, is the second and the third order risk ...