Leung calls for bank boycott

Top News | Kevin Xu 7 Apr 2020

Former chief executive Leung Chun-ying says HSBC should not get into another "hypocritical discussion about redomiciling to Hong Kong."

And he urged two Hong Kong independent non-executive directors to resign. They would be Laura Cha Shih May-lung and Irene Lee Yun-lien.

Leung also called for a boycott of HSBC businesses in Hong Kong and the mainland.

The vice chairman of the Chinese People's Political Consultative Conference suggested the SAR set up an international bank called The Hong Kong Bank.

"The financial market is the economy's blood circulating in the system," he said, "and the banking sector is like the heart of the circulatory system."

Leung said someone was spreading a rumor recently that HSBC was considering relocating its headquarters to Hong Kong. He saw that as an attempt to divert attention from the bank axing dividends.

Bank of England pressure on HSBC to scrap dividends had triggered debate among board members and executives on whether it should redomicile to Hong Kong from London, the Financial Times reported.

On that, Leung said five years ago he talked to HSBC executives about a potential redomiciling but asked them not to use Hong Kong as a tool or an excuse.

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