Image copyright
Getty Images
HSBC and Basic Chartered have actually given their support to China’s brand-new security laws for Hong Kong.
Both banks made statements stating the proposed law can assist maintain long-term stability in the distressed city.
On Wednesday HSBC’s Asia Pacific chief executive Peter Wong signed a petition backing the law which has actually been commonly criticised.
However this support comes as Japanese bank Nomura said it is “seriously” examining its presence in Hong Kong.
It is uncommon for a bank to participate in political dispute, particularly one as questionable as China’s brand-new security laws which numerous feel could mark completion of Hong Kong’s unique freedoms.
HSBC’s statement noted that the Hong Kong Association of Banks had actually already issued a statement stating the law would add to a steady company environment.
What did the banks say?
Although it is Europe’s biggest bank, HSBC has a strong presence in Asia, particularly Hong Kong.
HSBC “aspects and supports all laws that stabilise Hong Kong’s social order,” it said in a post on social networks in China.
The bank’s full name