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Raab Issues Warning to HSBC Over Bank’s National Security Law Support

imageStock Markets2 hours ago (Jun 16, 2020 12:52AM ET)

By Gina Lee – The British government has issued a thinly veiled warning to Hong Kong’s HSBC (HK:0005) in response to the bank’s support for China’s national security laws for Hong Kong and Macau.

HSBC’s Asia-Pacific CEO Peter Wong signed a petition in support of the laws earlier in June.

British Foreign Secretary Dominic Raab said during a daily news briefing on Monday, “In relation to HSBC, ultimately businesses will make their own judgement calls…but let me just put it this way, we will not sacrifice the people of Hong Kong over the altar of banker bonuses.”

Raab is the latest senior politician from both the U.K. and the U.S. to chastise the bank’s support for the laws. The U.K government has been vocal about its opposition to the laws since the National People’s Congress passed a motion to draft and enact the laws in late May.

Meanwhile, HSBC’s Hong Kong shares were up 3.01% to HK37.60 ($4.85) by 12:41 AM ET (5:41 AM GMT).

Raab Issues Warning to HSBC Over Bank’s National Security Law Support

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