How do people feel about HSBC supporting China's new Hong Kong national security law?

London7766551

pinkdalek said:

What next boycott anything made in China?  
The UK Government is offering HK citizens British citizenship, if you are not happy with that bank move away from them.
The United Kingdom is far from innocent in matters of taking over other countries and imposing its rules, and then sulking when people want to come back and live with us when we leave.

I have already responded to those points.

London7766551

digalumps said:

You don't explicitly say what you hope to achieve by closing your accounts but if it is to 'punish' them then the best way to do this is to keep your accounts open as this will incur a cost to them -  in fact, open as many accounts with them as you can and use them as much as possible.

I can't actually leave the bank completely until next year as I have a savings account with them and don't think I can take the money. Of course they will not notice I am gone haha, but it is just really to get the bad taste out of my mouth.

Uxb1

London7766551 said:

What China does is up to China, I have no problem buying or using Chinese products in general, what gets my back up is HSBC (a UK based bank) is supporting the Chinese government over the British one.

Well, I have news for you
What do you think the letters of the name HSBC stands for
It is the Hongkong and Shanghai Banking Corporation!

London7766551

Uxb1 said:

London7766551 said:

What China does is up to China, I have no problem buying or using Chinese products in general, what gets my back up is HSBC (a UK based bank) is supporting the Chinese government over the British one.

Well, I have news for you
What do you think the letters of the name HSBC stands for
It is the Hongkong and Shanghai Banking Corporation!

Regardless it is based in the UK. That is the whole issue, it is a British bank, perhaps it should not be. 

unknowntoany

The Hong Kong residents would not be demonstrating if the new laws meant nothing to them so if HSBC are happy to supprt the new laws then that leaves a bad taste in my mouth. I do not believe it is right to have HSBC bank accounts so I will be moving my accounts to Virgin as they offer much more than HSBC anyway.

Archi_Bald

unknowntoany said:

The Hong Kong residents would not be demonstrating if the new laws meant nothing to them so if HSBC are happy to supprt the new laws then that leaves a bad taste in my mouth. I do not believe it is right to have HSBC bank accounts so I will be moving my accounts to Virgin as they offer much more than HSBC anyway.

My Virgin Regular Saver pays 1.5%. Plus I can make £20 a year from the Virgin current account, until they drop the rate. £44.32 total a year.

My HSBC Regular Saver pays 2.75%. £44.50 total a year.

Six in one and half a dozen in the other. I am not wedded to either. Or to any bank. All I am interested in is who offers the best return for my money.

Thrugelmir

London7766551 said:

wmb194 said:

London7766551 said:

wmb194 said:

I couldn’t care less. China is an authoritarian, nominally communist state. You either toe the line or get your assets expropriated in one way or another. Hopefully in the future China will change but both HSBC, Standard Chartered and the companies that went into forming them as we know them today have seen centuries of change and laws that we’d now consider repulsive or unfair come and go. If feel you feel so strongly about this you should boycott anything made in China and every business that has any dealings there. Good luck.

What China does is up to China, I have no problem buying or using Chinese products in general, what gets my back up is HSBC (a UK based bank) is supporting the Chinese government over the British one. I do not think such a position is sustainable if it were to remain in the UK.

Albeit an extremely big bank, it’s just a bank. You shouldn’t expect so much of it. Its aim is survival and I don’t think for one minute that its position in Britain is now unsustainable. Why should it be? It’s not owned by the government and, just as we all can, it can agree or disagree as it pleases. Unlike China, Britain isn’t an authoritarian state. Which would you be more concerned about agreeing with? It won’t be long before this is all forgotten. If you have an issue with this law then you should have an issue with China.

Well, I have an issue with the law/China in regards to Hong Kong as a British person, but I can't blame China, I do blame HSBC for their position. I will be very disappointed if this is allowed to be forgotten. And I think HSBC's future may be unsuitable here, because it is very possible the west will turn away from China and many things related to it, if HSBC is more recognised as a Chinese bank rather than a British one, it is sure to cause it issues. Why would HSBC want the hassle? It is already apparent they don't make most of their money here, and they are already speaking about selling off various arms. I only hope people think with their feet and move away from this "British" bank.

The clue is in the name the Hongkong (&) Shanghai Banking Corporation.  

Fighter1986

pinkdalek said:

What next boycott anything made in China?  

TBH I decided this the second Covid-19 became a thing.

I'm never knowingly going to order anything from or made in China again. 

Thrugelmir

Fighter1986 said:

pinkdalek said:

What next boycott anything made in China?  

TBH I decided this the second Covid-19 became a thing.

I'm never knowingly going to order anything from or made in China again. 

Shall we ask the Chinese to hand back all the football clubs they own, not eat pizza's at Pizza Express?  The Chinese are in far more places than you can possibly imagine. 

London7766551

Thrugelmir said:

London7766551 said:

wmb194 said:

London7766551 said:

wmb194 said:

I couldn’t care less. China is an authoritarian, nominally communist state. You either toe the line or get your assets expropriated in one way or another. Hopefully in the future China will change but both HSBC, Standard Chartered and the companies that went into forming them as we know them today have seen centuries of change and laws that we’d now consider repulsive or unfair come and go. If feel you feel so strongly about this you should boycott anything made in China and every business that has any dealings there. Good luck.

What China does is up to China, I have no problem buying or using Chinese products in general, what gets my back up is HSBC (a UK based bank) is supporting the Chinese government over the British one. I do not think such a position is sustainable if it were to remain in the UK.

Albeit an extremely big bank, it’s just a bank. You shouldn’t expect so much of it. Its aim is survival and I don’t think for one minute that its position in Britain is now unsustainable. Why should it be? It’s not owned by the government and, just as we all can, it can agree or disagree as it pleases. Unlike China, Britain isn’t an authoritarian state. Which would you be more concerned about agreeing with? It won’t be long before this is all forgotten. If you have an issue with this law then you should have an issue with China.

Well, I have an issue with the law/China in regards to Hong Kong as a British person, but I can't blame China, I do blame HSBC for their position. I will be very disappointed if this is allowed to be forgotten. And I think HSBC's future may be unsuitable here, because it is very possible the west will turn away from China and many things related to it, if HSBC is more recognised as a Chinese bank rather than a British one, it is sure to cause it issues. Why would HSBC want the hassle? It is already apparent they don't make most of their money here, and they are already speaking about selling off various arms. I only hope people think with their feet and move away from this "British" bank.

The clue is in the name the Hongkong (&) Shanghai Banking Corporation.  

I say again, the bank is based in the UK, the name is irrelevant. And this has been mentioned twice already. Obtuse responses are a nice way to gloss over it I know but it doesn't change facts. HSBC is a British bank, based in the UK. It has gone "against" the UK, this is an issue not just for us, but in time will be for them. The further Hong Kong drifts away, the further China moves to the edges, so too will western cash.