Dec 20, 2019
HK protesters call for HSBC boycott over fund closure
Hong Kong protesters have called for a boycott of HSBC for allegedly helping the city's police to shut down one of the main sources of funding for the anti-government movement. Police alleged the fund had taken in about HK$80m from sympathisers of the protests, mainly through an HSBC account that the bank closed last month. The "Renovations" were a reference to how protesters have vandalised businesses and organisations they consider opposed to the movement, such as mainland Chinese banks and the MTR, the city's commuter railway. In its recent twice-yearly Financial Stability Report, the Bank of England said the anti-government protests in Hong Kong were a risk to the UK's financial stability, given the country's exposure to UK-domiciled banks operating in the territory, such as HSBC and Standard Chartered. An HSBC spokesperson said the bank's decision to close the account was "Completely unrelated to the police arrest".
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