A senior executive at the British lender has responded to client concerns over the bank's support for the controversial national security law in Hong Kong, describing the HSBC’s role as a «bridge» between Asia and Western economies.
«China and the West will continue to have deep economic and trade relationships – and Hong Kong will remain an important conduit given its robust markets and business framework,» Greg Guyett, HSBC co-head of global banking and markets, said in a memo to colleagues on Tuesday, «Bloomberg» reported.
«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,» Guyett said (behind paywall).
HSBC previously said in a Chinese social media post that the bank «respects and supports all laws that stabilize Hong Kong's social order,» while its Asia-Pacific chief executive Peter Wong signed a petition backing the law. The bank's public appeasement of Beijing echoes was mirrored by British bank Standard Chartered, which also depends heavily on Asia for its operations.
Top Figures Back Law
Guyett joins a growing group of senior figures from the financial industry who have come out to back the controversial law, which the U.K. has called «authoritarian» and a breach of the «one country, two systems» principle guaranteed in the 1984 Sino-British Joint Declaration.
Earlier this week, chairwoman of the Hong Kong Exchanges & Clearing, Laura Cha, reportedly said she was surprised by Beijing's decision but nonetheless backed the proposed security legislation.
In a statement last week, U.S. Secretary of State Mike Pompeo condemned «political and corporate kowtow» and China’s «coercive bullying tactics,» describing HSBC’s recent exchanges with Beijing as a «cautionary tale.»
