HSBC Holdings Plc broke its silence on the protests roiling Hong Kong, calling for a peaceful resolution to differences in the special administrative region (SAR).
While local businesses and tycoons have spoken out about the unrest, HSBC, which derives more than half of its pretax profit from Hong Kong, is among the first global banks to publicly address the crisis. Standard Chartered Plc, another London-based lender, and Hong Kong’s Bank of East Asia Ltd also posted newspaper advertisements Thursday to address the issue.
As a company rooted in Hong Kong, we are very concerned about the recent social events and strongly condemn any violence and actions that disrupt social orders.
HSBC Holdings Plc
“As a company rooted in Hong Kong, we are very concerned about the recent social events and strongly condemn any violence and actions that disrupt social orders,” the London-based bank said in an advertisement in the Chinese-language Hong Kong Economic Times. Hong Kong’s rule of law is indispensable for the city, HSBC said.
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“We are determined to protect the ‘one country, two systems’ and support the SAR government to efficiently maintain social order and safety,” Standard Chartered said in a full-page ad in Chinese newspaper Wen Wei Po.
Continuing protests could deepen the impact on the city's economy, especially small and medium enterprises, Bank of East Asia warned on Wednesday after reporting a 75% plunge in its first-half net profit due to loan writedowns in the Chinese mainland, Reuters reports.
The protests, triggered by the now-suspended extradition bill, have led to politicians and local leaders voicing concerns about the city’s growth prospects, already under pressure from global trade tensions. A major slowdown in Hong Kong could have an outsized effect on HSBC’s earnings.
Founded in Hong Kong in 1865, the firm generates almost half its revenue in Asia and had in recent years poured tens of billions of dollars of investment into the Chinese mainland.
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“The bank has always respected our employees have their own personal views on political and social matters,” HSBC said in an email before the ad was published.
A cornerstone of HSBC’s recent strategy has been to leverage its foothold in Hong Kong to deepen its push into the Chinese mainland, where it is the biggest international lender with corporate and retail banking services.
“Hong Kong and HSBC’s development have been closely related in the past, so as the future,” the bank said in the ad.
(With Reuters input)
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