Thursday 22 August 2019 1:43 pm

HSBC urges peace amid Hong Kong clashes

Pedestrians walk past HSBC signage in the Admiralty district of Hong Kong on July 31, 2017. HSBC said on July 31 pre-tax profit for the first half of 2017 had risen five percent to 10.2 billion USD compared with the same period last year, in what it called an “excellent” result following a turbulent 2016. / AFP PHOTO / ISAAC LAWRENCE (Photo credit should read ISAAC LAWRENCE/AFP/Getty Images)

HSBC and Standard Chartered have weighed into the turmoil in Hong Kong today after calling for a peaceful resolution following several months of mass demonstrations.

Both banking giants have taken out newspaper adverts in Hong Kong to urge an end to the violent clashes between police and protesters, which were sparked earlier this summer by a now-suspended controversial extradition bill.

The standoff between authorities and protesters has rocked parts of the region’s economy, which is home to some of the world’s biggest financial and business groups.

HSBC, which stands for Hong Kong and Shanghai Banking Corporation, said in an advert this morning: “We are deeply concerned about recent events in Hong Kong. We strongly condemn violence of any kind and the disruption caused to the communities in which our customers, staff and shareholders live.”

The bank, which was founded in Hong Kong more than 150 years ago, said that maintaining the rule of law was “essential to Hong Kong’s unique status as an international financial centre”.

The HSBC advert was published in Chinese in five newspapers.

Standard Chartered also added its voice to the calls for peace, saying in three newspaper adverts: “We strongly support ‘one country, two systems’, and support the SAR [Special Administrative Region] government in effectively maintaining social stability and safety.”

The messages were echoed by Hong Kong-based Bank of East Asia (BEA), which posted a 75 per cent drop in profits yesterday after writing down property loans in China.

BEA warned in its financial results that months of protests, combined with a global slowdown from the current US-China trade war, threatened lending and confidence in the months ahead.

The bank, which is one of two remaining family run Hong Kong banks, is one of many high-profile companies to have closed outlets within the vicinity of the Hong Kong demonstrations in recent weeks.