“HSBC feels heat from MPs after support for controversial Hong Kong law”, 4 Jun 2020

MPs hit out at HSBC… after the bank indicated support for a controversial new law that critics say would limit freedoms for the city’s citizens.

Neil O’Brien, the Conservative MP for Harborough, Oadby and Wigston, said that the bank had stabbed protesters in the back, and called on people to consider switching their accounts.

“If you bank with HSBC you are with a bank that is backing Beijing’s repressive new security laws, designed to snuff out freedom in Hong Kong. Other banks are available,” he said in a post on Twitter.

It came after Peter Wong, HSBC’s chief executive in the Asia-Pacific region, signed a petition in favour of the new law which bans insults to the Chinese national anthem…

Tom Tugendhat, the Conservative member for Tonbridge and Malling, said: “I wonder why HSBC and [Standard Chartered] are choosing to back an authoritarian state’s repression of liberties and undermining of the rule of law? Where does this fit in their definition of corporate social responsibility?”

In a statement, HSBC said: “We respect and support laws and regulations that will enable [Hong Kong] to recover and rebuild the economy and, at the same time, maintain the principle of ‘one country two systems’.”

Standard Chartered said: “We believe the national security law can help maintain the long-term economic and social stability of Hong Kong. The ‘one country, two systems’ principle is core to the future success of Hong Kong and has always been the bedrock of the business community’s confidence…

In response to HSBC and Standard Chartered’s statements, Downing Street insisted that China risked breaching an international treaty unless it changed course…