HSBC said closing the accounts was part of a regular review of account activities and due diligence requirements. Read more at straitstimes.com.
HONG KONG – Hong Kong opposition politicians from The League of Social Democrats staged a rally outside HSBC Holdings to protest a decision by the bank to close the party’s accounts.
“Unfortunately, all three accounts in HSBC are our only accounts in Hong Kong,” said Mr 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.” HSBC said the move was part of a regular review of account activities and due diligence requirements.
HSBC, which is Hong Kong’s biggest bank, has had to walk a tightrope after a China-imposed crackdown on civil liberties followingThe lender was slammed by activists in 2020 for freezing the accounts of a former pro-democracy lawmaker and a local church that helped protesters. It also saw some of its branches attacked after it closed an account linked to the pro-democracy movement.
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