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HSBC has closed three bank accounts held by opposition group the League of Social Democrats, sparking anger in the organisation. Photo: Yik Yeung-man

HSBC among Hong Kong banks that close accounts tied to opposition group, members say

  • Four core League of Social Democrats members have personal accounts at several banks closed, as well as three business accounts at HSBC
  • ‘Intimidation has reached everyone, and that has reached the personal lives of activists,’ league vice-chairman says

Several banks in Hong Kong, including HSBC, have terminated the personal accounts of four core members of an opposition political party and the organisation’s accounts without warning, members have said.

Dickson Chau Ka-faat, a vice-chairman of the League of Social Democrats, told the Post on Friday the party had demanded an explanation from HSBC after a termination notice for the group’s three accounts was issued, but with no reason given.

“We can only say we are quite helpless. Does that mean political organisations of certain backgrounds cannot use bank accounts? This poses great inconvenience to citizens. What message is the government trying to send?” Chau said.

A representative for HSBC’s commercial banking customer service department defended its decision to close the party’s accounts in a letter dated May 17 sent to the league’s chairwoman Chan Po-ying and seen by the Post.

“[W]e hope that your company would understand that the bank has carefully considered various factors and conducted detailed assessments before making the relevant decision,” the letter said.

The League of Social Democrats’ Chan Po-ying and Dickson Chau Ka-faat at the group’s offices in Cheung Sha Wan in 2021. Photo: Sam Tsang
HSBC first told the league in a letter dated February 27 it intended to close close the accounts on March 30.

“Upon thorough review of our banking relationship and all available information, we regret to inform you we will be closing your account(s) on 30 March 2023 and we will no longer provide any banking services or products to you with effect from such date,” it said.

Chau said members of the league asked for a meeting with bank employees after receiving the initial letter, and the one dated May 17 was its response.

He added that the three terminated accounts were used to support the league’s operations since its foundation in 2006.

Chau also revealed personal accounts held by prominent league members had been closed by HSBC, Bank of China and Hang Seng Bank without explanation over the past six months, with the most recent happening two weeks ago.

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One of the four affected members was Yu Wai-pan, another vice-chairman. The other three, who asked not to be identified, had accounting and treasurer duties in the league.

Yu told the Post that his personal account of more than two decades with the Bank of China had been shut down without explanation about two months ago. He added it was his only bank account.

But Yu told the Post the closure did not come as a surprise after the party accounts were axed.

“Mass arrests have declined, but that doesn’t mean oppression is over,” he said. “Intimidation has reached everyone, and that has reached the personal lives of activists.”

Yu said he expected to soon become a “bank nomad” as he expected other lenders in the city to decline to provide him with service.

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HSBC refused to comment on individual cases. The Post has contacted the Bank of China and Hang Seng Bank for comment.

The league is one of just two major opposition groups in the city after the Civic Party’s voluntary dissolution last Saturday.

More than 50 civil rights organisations in Hong Kong have disbanded since Beijing’s imposition of the national security law in 2020.

Lo Kin-hei, the chairman of the Democratic Party, the city’s largest opposition group, told the Post its bank accounts had not been affected yet.

Former lawmaker Ted Hui had his bank accounts frozen by HSBC in 2021. Photo: Dickson Lee

HSBC earlier froze credit cards and a savings account held by former opposition lawmaker Ted Hui Chi-fung in 2021.

Hui, now based in Australia, fled the city in December 2020 while on bail for charges linked to his actions in the legislature during the 2019 protests.

He revealed after he announced his self-imposed exile that his bank accounts and those of family members with HSBC, Hang Seng Bank and Bank of China had been frozen.

HSBC chief executive Noel Quinn wrote to Hui in January 2021 informing him the bank “had no choice” but to freeze the accounts because of a legal obligation to take action after receiving police notification.

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