HSBC, Bank of China, and Hang Seng Bank suspended the accounts of four members of the Hong Kong pro-democracy League of Social Democrats (LSD).
Protesting the move outside of HSBC Hong Kong headquarters, LSD’s chair Chan Po-Ying said the decision by the bank was tarnishing the city’s international financial hub reputation.
“It’s like we’re going back to the stone age,” Chan said.
In a statement to local news outlet HKFP, HSBC said that it regularly reviews the activities and relationships of customers.
“We may decide that we will no longer be able to maintain the banking relationships with certain customers,” the bank added.
LSD had been an HSBC customer for 17 years.
LSD is one of the remaining opposition parties in Hong Kong with the guts to speak out. It regularly holds street rallies and booths.
Last October, PayPal refused to continue providing services to the party citing without explanation “excessive risks.”
Vice-chair of the party, Dickson Chau, said that it would be hard for the party to receive donations after losing the bank accounts, and added that LSD savings would only last for about one or two years.
Chau also said the LSD was not planning on opening accounts with other banks.
“I don’t think we can open a new account as the LSD anymore. We haven’t tried it, but I think it would not be possible,” he said.
Raphael Wong, the party’s former chairperson, said: “When an organization loses its accounts for receiving donations, and is fined for fundraising on the streets, what can it do? [It will be] waiting for its own death [as Hong Kong] loses another voice.”
