July 1, 2020 / 12:33 PM / a month ago

Don't sacrifice Hong Kong for a banker's bonus, UK tells HSBC

Britain's Foreign Secretary Dominic Raab makes a statement on Hong Kong's national security legislation in London, Britain, July 1, 2020. REUTERS/Hannah McKay

LONDON (Reuters) - British Foreign Secretary Dominic Raab reprimanded HSBC (HSBA.L) and other banks on Wednesday for supporting China’s new security law, saying the rights of Hong Kong should not be sacrificed for bankers’ bonuses.

Senior British and U.S. politicians criticised HSBC and Standard Chartered (STAN.L) last month after the banks backed China’s national security law for the territory.

“On HSBC and banks, I’ve been very clear in relation with HSBC and ... all of the banks: the rights and the freedoms and our responsibilities in this country to the people of Hong Kong should not be sacrificed on the altar of bankers’ bonuses,” Raab told parliament.

A spokeswoman for HSBC declined to comment.

Reporting by Guy Faulconbridge; editing by Stephen Addison

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