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Pin to quick picksHSBC Holdings Share News (HSBA)

Share Price Information for HSBC Holdings (HSBA)

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Share Price: 711.70
Bid: 711.50
Ask: 711.70
Change: 14.20 (2.04%)
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Open: 705.40
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UPDATE 2-U.S. says China 'bullying' UK, cites HSBC Hong Kong-related accounts

Wed, 26th Aug 2020 12:37

* Pompeo renews attack on British bank

* HSBC caught in Beijing-Washington spat

* Bank stays silent amid fresh criticism
(Adds detail, comment)

By Susan Heavey and Lawrence White

WASHINGTON/LONDON, Aug 26 (Reuters) - U.S. Secretary of
State Mike Pompeo on Wednesday renewed criticism of British Bank
HSBC for its reported treatment of pro-democracy
customers in Hong Kong, saying China was "bullying" the United
Kingdom.

Pompeo cited reports of Hong Kong-based executives at Next
Media being unable to access their HSBC bank accounts and said
the bank was "maintaining accounts for individuals who have been
sanctioned for denying freedom for Hong Kongers, while shutting
accounts for those seeking freedom."

"Free nations must ensure that corporate interests are not
suborned by the CCP (Chinese Communist Party) to aid its
political repression," Pompeo said in a statement.

"We stand ready to help the British government and its
companies resist CCP bullying and stand for freedom."

Representatives for the London-based bank, in an email,
declined to comment.

Britain's Foreign & Commonwealth Office did not immediately
respond to a request for comment on Pompeo's assertion that
China was bullying the UK.

HSBC has in recent months faced mounting pressure on both
sides of the Atlantic, as it attempts to balance its need to
maintain access to the Chinese market with appeasing lawmakers
in the United States and Britain critical of Beijing's handling
of the democracy movement in Hong Kong.

Last month, British Foreign Secretary Dominic Raab
reprimanded HSBC and other banks for supporting China's new
security law, saying the rights of the people of Hong Kong
should not be sacrificed for bankers' bonuses.

Senior British and U.S. politicians criticized HSBC and
Standard Chartered in June after the banks backed
China's national security law for the territory.

Washington has criticized Beijing's crackdown against
pro-democracy opposition in the now Chinese-ruled city following
a sweeping new security law imposed on Hong Kong on June 30 that
was widely condemned by Western nations.

Hong Kong media tycoon Jimmy Lai, a prominent democracy
activist and top executive at Next Digital, was arrested Aug. 10
under the new law, further stoking concerns about media and
other freedoms promised to Hong Kong when it returned to China
in 1997.
(Reporting by Susan Heavey, Lawrence White and Sinead Cruise;
editing by Jason Neely and Steve Orlofsky)

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*

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*

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First Citizens must 'clean up' claims that HSBC poached Silicon Valley Bank workers

Judge says bank must flesh out claims against ex-SVB employees

*

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*

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M&S shares, Wall Street sell-off drag FTSE lower

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*

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UK plans new system to tackle small bank failures after SVB collapse

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