Hong Kong opposition politicians protest at HSBC over account closings

HONG Kong opposition politicians of the League of Social Democrats staged a rally outside of HSBC Holdings to protest a decision by the bank to close accounts of the group.

A group of five activists gathered in front of one of the iconic lion statues that stand guard at HSBC’s main offices in the city’s Central district. They spoke to a gaggle of press, as police watched closely, and held signs saying that the bank cared only about making money and was abetting the tyrant.

“Unfortunately, all three accounts in HSBC (are) our only accounts in Hong Kong,” said Dickson Chau, external vice-chairman of the League of Social Democrats. “We are no longer able to receive donations or make payments in a digital way. We can only do everything in cash now.”

He added that the bank did not provide a reason for the closing, but that they were allowed to withdraw the money.

HSBC said in a statement that the closing was part of a regular review of account activities and due-diligence requirements.

“Based on these reviews, HSBC may decide that we will no longer be able to maintain the banking relationships with certain customers,” a spokesperson said. 

HSBC, which is Hong Kong’s biggest bank, has had to walk a tightrope after a China-imposed crackdown on civil liberties. That crackdown came after massive pro-democracy protests, which rocked the financial hub in 2019.

In 2020, the lender was slammed by activists for freezing the accounts of a former pro-democracy lawmaker and a local church that helped protesters. Some of its branches were also attacked after it closed an account linked to the pro-democracy movement.

HSBC was rebuked by British and US politicians after the bank’s Asia chief Peter Wong signed a petition in support of the China-drafted National Security Law.

SEE ALSO

HSBC plans Hong Kong summit to fill gap left by Credit Suisse

Hong Kong hits back at UK call for security law to be scrapped

Hong Kong media tycoon Jimmy Lai loses bid to terminate national security trial

Hong Kong police detained more than 20 people on Sunday (Jun 4), the 34th anniversary of the crackdown on protesters in Beijing’s Tiananmen Square, as authorities took a forceful approach to prevent any public commemoration of the deadly event. 

Chan Po-ying, chairperson of the League of Social Democrats, was among those detained. Chan took over the party in 2021 after several core members were jailed or awaiting trial – including her husband, veteran activist Leung “Long Hair” Kwok-hung.