Critics fear the contentious legal proposal will be used to stamp out dissent in the city. FMTNews HSBC HongKong SecurityLaw
Police stand guard in front of a vandalised HSBC branch on New Year’s Day in Hong Kong in January.
The London-headquartered lender last week backed Beijing’s contentious legal proposal for Hong Kong, which critics fear will be used to stamp out dissent in the city. The bank’s decision flew in the face of convention because most multinationals attempt to steer clear of political intervention.In addition, London-listed bank Standard Chartered – which also focuses primarily on Asia – sided with Beijing over the law.“The UK-listed banks have taken China’s side as it is clear they want to cosy up to the second largest economy in the world,” said CMC Markets analyst David Madden.
“But ultimately, any corporate decision will be made with future revenues in mind – and for HSBC half of their revenues come from Asia,” she added.Former Conservative Party leader Iain Duncan Smith said HSBC’s support for China’s national security law was a “grave error”.
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