Hong Kong: Australian senator warns banks against backing new security law
“Australian banks warned of 'serious brand damage' in Hong Kong”, 15 June 2020
The chair of Parliament's finance committee has warned Australia's big banks against backing new Chinese national security legislation aimed at stamping out dissent in Hong Kong in order to keep their licences in the financial hub.
ANZ, National Australia Bank, the Commonwealth Bank, Westpac and Macquarie all have a presence in the former British colony, which has been beset by more than a year of unrest over Beijing's clampdown on pro-democracy protesters. London-based multinationals HSBC, Swire Group and Jardine Matheson, which are heavily exposed to the market, backed the laws last week after pressure from Beijing.
Liberal senator James Paterson… said Australian companies should be very wary about succumbing to pressure to back Beijing's push into the global financial hub.
"They risk serious brand damage at home if they do so," he said. "And once they start on that slippery slope they might find it hard to get off it.”…
In a sign of how sensitive the new laws have become for Australian businesses in the former British-colony, none of the big four or Macquarie, which all have interests in Hong Kong, agreed to a request for an interview… In a statement National Australia Bank said it was continuing to monitor the evolving situation.
"We review our operational environment to mitigate the risk of services impacting our customers on a regular basis," it said. A Commonwealth Bank spokeswoman said the bank had "no changes planned”…
The Australian Financial Review reported… that two Australian accounting industry bodies, the Institute of Public Accountants and Institute of Certified Management Accounts, say they have been falsely represented in newspaper advertisements in Hong Kong showing they support the new laws…
[Also referred to Cathay Pacific]