Hong Kong: HSBC and Standard Chartered publicly back controversial security laws
“HSBC and StanChart back China security laws for HK”, 4 June 2020
HSBC and Standard Chartered have given their backing to China's new security laws for Hong Kong.
Both banks made statements saying the proposed law can help maintain long-term stability in the troubled city.
… HSBC's Asia Pacific chief executive Peter Wong signed a petition backing the law which has been widely criticised.
But this backing comes as Japanese bank Nomura said it was "seriously" examining its presence in Hong Kong.
It is unusual for a bank to enter into political debate, particularly one as controversial as China's new security laws which many feel could mark the end of Hong Kong's unique freedoms.
HSBC's statement noted that the Hong Kong Association of Banks had already issued a statement saying the law would contribute to a stable business environment.
… HSBC "respects and supports all laws that stabilise Hong Kong's social order," it said in a post on social media in China…
Standard Chartered also has a strong presence in Asia. "We believe the national security law can help maintain the long-term economic and social stability of Hong Kong," it said in a statement…
Meanwhile, Japanese investment bank Nomura said it was reviewing the scale of its operations in Hong Kong.
The bank's chief executive, Kentaro Okuda, said that while Hong Kong remained its most critical Asian hub outside Japan, the situation now was "not the same as it used to be" in an interview with the FT…
HSBC didn't respond to a request from the BBC for further comments about the social media post.