Amid the violent anti-government protests that are taking place in Hong Kong, HSBC Holdings highlighted some routine regulatory needs to make sure that client money has been used for the mentioned purposes. Earlier, there was a report on Monday that claimed that the bank is closing a corporate account that assisted in funding the large scale protests activities in Hong Kong.
Last week, the city witnessed one of the most violent protests in over 5 months of demonstrations. And, members of the Chinese military were seen cleaning up the city’s streets.
According to the Hong Kong Economic Journal, HSBC Holding immediately resorted to action after discovering the account was apparently used without conforming to its original paperwork. The bank also provided this information to the client that it would shut the account following a 30-day notice that comes to an end this week. However, the bank did not elaborate on the identity of the account holder.
Hong Kong has been gripped by a wave of violent protests. There have been more than four months of political unrest, traffic violations and surging levels of violence in Hong Kong. And, now universities all over Hong Kong have become the latest battleground. Protestors’ clash with riot police has paralyzed the city’s economy.
The polarizing protests caused troubles for many renowned companies that may include Apple and Activision Blizzard, among others. The companies are under immense political pressure to severe all perceived links with the city’s pro-democracy protests, which causes them to face public backlash later on.
Meanwhile, 612 Humanitarian Relief Fund claimed on Monday on its Facebook page that its HSBC account is functioning normally. The organization assists protestors in paying medical expenditures and legal fees.
HSBC Holding Plc has emerged as the leading British multinational investment bank and financial services holding company. It became the 7th largest bank all across the globe by 2018.