China banks' HK arms try to rally staff support for security law

China Everbright Environment

28/05/2020 10:14

* Chinese financial firms among the biggest employers in
Hong Kong
    * BOC HK, CEB, China Construction unit among firms asking
staff to
sign in support of security law
    * Staff say signature not mandatory, being asked informally 

    HONG KONG, May 28 (Reuters) - As Beijing moved ahead with a
national security law for Hong Kong, some of the hundreds of
thousands of professionals working at the local units of Chinese
financial firms could find themselves stuck in the crosshairs.
    Staff at BOC Hong Kong  2388.HK , the local arm of Bank of
China  601988.SS , CEB International, a unit of China Everbright
Bank  601818.SH , and a local unit of China Construction Bank
 601939.SS  said they had been asked by managers in the last few
days to put in signatures in support of the law.
    Beijing unveiled plans last week for the law that aims to
tackle any secession, subversion and terrorist activities in the
city, and China's parliament approved it on Thursday. Democracy
activists and Western countries fear it could jeopardise the
city's special autonomy and freedoms. urn:newsml:reuters.com:*:nL4N2DA0NH
    BOC Hong Kong, CEB International and the local unit of China
Construction Bank did not immediately respond to requests for
comment. The headquarters of Bank of China and China
Construction Bank declined to comment, while China Everbright
Bank did not respond to a request for comment.
    Hong Kong and Beijing authorities have insisted there is no
risk to the city's high degree of autonomy or to the business
environment, urging patience until the laws are finalised.
    Pro-Beijing camps in Hong Kong have been collecting
signatures backing the law at street booths and online, media
reports said.
    "All the Chinese financial firms are doing this now to
support the government in creating favourable sentiment for
imposing the law," said a Hong Kong banker at a unit of China
Construction Bank. 
    However, the banker, and two other staff at BOC Hong Kong
and CEB International, said their firms had not made it
mandatory for staff to sign. All of them declined to be
identified, fearing retribution from their employers. 
    Chinese banks, fund managers, insurance companies and
brokerages are among the biggest employers in the city, which
was rocked by protests last year over an unsuccessful plan to
introduce an extradition law with China.  
    Business leaders, trade chambers and diplomats have said
pushing through the legislation could mark a turning point for
Hong Kong's future as a global financial centre.
    The Hong Kong Finance General Employee Union has sent three
complaint letters to local units of Chinese financial firms
asking them why they are pushing the staff to show their support
for the law, its Chairman Ka-Wing Kwok said.

 (Reporting by Sumeet Chatterjee, Clare Jim and Kane Wu;
additional reporting by Cheng Leng in Beijing; Editing by Kim
Coghill)
 ((sumeet.chatterjee@thomsonreuters.com; +852-2847 2094;))