HSBC Asia chief backs new Chinese security law for Hong Kong
HSBC’s chief executive in Asia has signed a petition backing China’s imposition of a new national security law on semi-autonomous Hong Kong.
The bank today confirmed that chief Peter Wong had signed the petition, and also said on social media that it “respects and supports all laws that stabilise Hong Kong’s social order”.
The declaration marks a significant departure for the bank, which has refused to comment on political unrest in the city over the past months.
Despite having moved its headquarters to London in 1993, Hong Kong remains HSBC’s largest market, and it has invested billions of dollars into China through its presence there.
In increasing years it has been harder for the lender to maintain its apolitical stance to developments in the world’s second largest economy, a position which has brought it under fire from both pro and anti-China camps.
Will Howlett, an analyst at Quilter Cheviot, said that there was a risk HSBC would become a “political football” after Wong’s declaration of support.
Earlier this year HSBC found itself caught up in the city’s long-running pro-democracy riots, with some of its branches vandalised.
Some protesters accused HSBC of being complicit in action by the authorities against activists trying to raise money to support protesters, accusations the bank denied.
Later today Standard Chartered followed suit, saying in an emailed statement that it hopes the new law can help “maintain the long-term stability of Hong Kong”.
Beijing’s attempts to impose the law on the city have led to strong opposition from the UK, along with other countries such as the US, Canada and Australia.
Speaking in the House of Commons yesterday, foreign secretary Dominic Raab said the legislation was in breach of its commitment to maintain a “one country, two systems” approach agreed in the 1997 handover of the former colony.
Raab has also announced that the UK will extend visa rights to the estimated 3m British Nationals Overseas who live in Hong Kong.