HSBC closes more HK branches as protest escalates

HSBC closes more HK branches as protest escalates

HSBC has been forced to shutter more of it branches in Hong Kong after becoming entangled in the political turmoil gripping the territory.

The move to close down outposts and suspend overnight ATM services at weekends follows the mauling of the lion statues which guard the bank's Hong Kong HQ by protestors, who daubed graffiti and set them alight with liquid paraffin.

The activists have turned their ire on HSBC over the alleged closure of an account that was being used to raise money for the protest movement. The bank claism the accounts were closed following direct instructions from the customer and in accordance with international regulatory standards.

HSBC has now closed eight of its branches in the territory as the violence gripping the country escalates, further stepping up its safeguarding measures following the initial closure of two branches and seven indooor ATM clusters on New Year's Day.

More than 90% of the $4.4 billion generated by HSBC's retail banking and wealth management unit in the six months to last June, came from Hong Kong.

Comments: (1)

A Finextra member
A Finextra member 07 January, 2020, 23:12Be the first to give this comment the thumbs up 0 likes

It seems that HSBC has over 200 branches in the territory so the 8 affected is not at all many.

While we hope that the protests and concerns about citizens rights are resolved  this is hardly news.

The trade "war" and global uncertainty is more likely to damage trade and the banks that facilitate it but that doesn't seem to make headlines.

What can you tell us about how customers and banks are using technology to overcome  the difficulties rather than about the small number of branch closures? (NB Hong Kong is not a country ). 


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