Peter wong, Chief Executive of The Hongkong and Shanghai Banking Corporation Limited

HSBC and Standard Chartered have given their backing to China's controversial national security law for Hong Kong.On Wednesday, HSBC's Asia Pacific chief executive Peter Wong signed a petition backing the law which has been widely criticised, reports the BBC.Although it is Europe's largest bank, HSBC has a strong presence in Asia, particularly Hong Kong.HSBC "respects and supports all laws that stabilise Hong Kong's social order," it said in a post on social media in China.The bank's full name is the Hongkong and Shanghai Banking Corporation and it has its origins in the former British colony.While HSBC moved its headquarters to London in 1993, Hong Kong is still its biggest market.Standard Chartered also has a strong presence in Asia, said the BBC."We believe the national security law can help maintain the long-term economic and social stability of Hong Kong," it said in a statement.It added that "the 'one country, two systems' principle is core to the future success of Hong Kong and has always been the bedrock of the business community's confidence".The two backings come as Japanese bank Nomura said it was "seriously" examining its presence in Hong Kong.It is unusual for a bank to enter into political debate, particularly one as controversial as China's new security laws which many feel could mark the end of Hong Kong's unique freedoms, the BBC said in the report.( With inputs from IANS )

Home

City

Latest News

Cricket

LT Premium

National

International

Maharashtra

Opinions

Chhatrapati Sambhajinagar

Nagpur

Entertainment

Photos

Business

Technology

Sports

Lifestyle

Social Viral

Lokmat Games

Health

Lok Sabha Election 2024

Ram Navami 2024

Dubai Rains

Maharashtra Lok Sabha Election

IPL 2024

Salman Khan

Peter WongFOLLOW

Peter wong, Latest News

International :Ex-SBI chief Rajnish Kumar joins HSBC Board in Asia

New Delhi, Aug 30 The Hongkong and Shanghai Banking Corporation Ltd (HSBC) has appointed Rajnish Kumar as an ... ...

International :HSBC, Standard Chartered back China security law for HK

HSBC and Standard Chartered have given their backing to China's controversial national security law for Hong Kong. On Wednesday, ... ...