Several Hong Kong activists staged a rally outside HSBC to protest the bank’s decision to close the accounts of a local political group.
A group of five activists gathered outside HSBC’s main office in Hong Kong to protest against the bank’s decision to close the accounts of the League of Social Democrats, a local opposition party.
«Unfortunately, all three accounts in HSBC [are] our only accounts in Hong Kong. We are no longer able to receive donations or make payments in a digital way. We can only do everything in cash now,» said a «Bloomberg» report citing Dickson Chau, external vice chairman of the League of Social Democrats.
Closure Reason
According to Chau, HSBC did not provide a reason for closing the accounts but allowed continued withdrawal of money.
«Based on reviews, HSBC may decide that we will no longer be able to maintain the banking relationships with certain customers,» a spokesperson for the bank said, adding that the closures were part of a regular review of account activities and due diligence requirements.
HSBC has been under the spotlight in recent years for the closure of accounts linked to Hong Kong political figures. In January 2021, HSBC CEO Noel Quinn publicly apologized to self-exiled democrat Ted Hui over his frozen accounts, noting that he had no choice but to take action due to orders from local police.
