Hong Kong’s Two British Banks Back Beijing in Security Law Fight
- Proposal would maintain Hong Kong’s stability, StanChart says
- StanChart and HSBC make majority of their income in Asia
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Standard Chartered Plc became the second U.K. bank in a day to endorse China’s proposed security law for Hong Kong, saying it can “help maintain the long-term economic and social stability” of the former British colony, one of its key hubs.
“The ‘one country, two systems’ principle is core to the future success of Hong Kong and has always been the bedrock of business community’s confidence,” Standard Chartered said in an emailed statement Wednesday. “We hope greater clarity on the final legislative provisions will enable Hong Kong to maintain economic and social stability.”