Banks in Hong Kong condemn violence, urge restoration of 'harmony'

Hong Kong Economic Times Holdings

22/08/2019 04:13

HONG KONG, Aug 22 (Reuters) - Some of Hong Kong's biggest
banks published full-page newspaper advertisements on Thursday
calling for the preservation of law and order in the Chinese
territory and condemning violence, as weeks of pro-democracy
protests show no sign of abating.
    HSBC  HSBA.L , Standard Chartered  STAN.L  and Bank of East
Asia  0023.HK , which published the advertisements in major
newspapers in the Asian financial hub, all urged the restoration
of social order.
    Thousands of Hong Kong residents held an anti-government
protest on Wednesday at a suburban subway station where
demonstrators were attacked by a mob of white-shirted men last
month. Protesters at the subway station on Wednesday were angry
that nobody has yet been prosecuted for that violence.
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    The standoff stopped short of recent intense clashes with
police, who refrained from using tear gas or attempting to storm
protesters' lines. Only one rock was seen hitting a police
shield and most protesters headed home before midnight.
    Anger erupted in June over a now-suspended bill that would
allow criminal suspects in Hong Kong to be extradited to
mainland China for trial but have since grown into one of the
biggest populist challenges faced by Chinese President Xi
Jinping since he took power in 2012.
    The unrest has been fuelled by broader worries about the
erosion of freedoms guaranteed under the "one country, two
systems" formula adopted after Hong Kong's return to China in
1997 but not enjoyed on the mainland, including an independent
judiciary and the right to protest.
    A flurry of anti-government demonstrations are planned in
coming weeks, including a rally by students on Thursday and
another strike in districts across the city in early September. 
    Continuing protests could deepen the impact on the city's
economy, especially small and medium enterprises, Bank of East
Asia warned on Wednesday after reporting a 75% plunge in its
first-half net profit due to loan writedowns in mainland China.
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    The protests are already exacting a toll on Hong Kong's
economy and tourism, with the Asian financial hub on the verge
of its first recession in a decade.
    Standard Chartered said in Thursday's advertisements the
bank supported the special administrative region's government to
uphold social order and "guard the status of Hong Kong as an
international financial centre". 
    HSBC said all parties must resolve disagreement through
communication rather than violence. Neither HSBC nor Bank of
East Asia referred to the government in their advertisements.
    Hong Kong leader Carrie Lam reiterated on Tuesday that the
extradition legislation was dead but has stopped short of
withdrawing the bill, as protesters have demanded.
    Demonstrators are also calling for an independent inquiry, a
halt to descriptions of the protests as "rioting", a waiver of
charges against those arrested, and resumption of political
reform.
    Protests in recent weeks, which have at times drawn more
than a million people onto the streets, have also included the
storming of the legislature and major disruptions and violence
at the airport.  
    Beijing has reacted sharply and has accused foreign
countries, including the United States, of fomenting unrest.
China has also sent clear warning that forceful intervention is
possible, with paramilitary forces holding drills in
neighbouring Shenzhen.

 (Reporting by Donny Kwok; Writing by Farah Master; Editing by
Paul Tait)
 ((farah.master@thomsonreuters.com; +852 28431631 ;))