HSBC, StanChart Defy U.K. to Endorse Hong Kong Security Law
- HSBC’s top Asia executive Peter Wong pictured signing petition
- Standard Chartered says law to promote stability in Hong Kong
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The two British institutions that dominate Hong Kong’s banking system backed Beijing in the standoff over a proposed new security law, joining Jardine Matheson Holdings Ltd. and some of the city’s biggest developers in wading into the political minefield of the former colony’s future.
HSBC Holdings Plc, born in the 19th century as the Hongkong and Shanghai Banking Corp., and Standard Chartered Plc on Wednesday endorsed a Chinese proposal that critics say will diminish freedom and violate the “one country, two systems” principle that governs the territory.