HSBC Closes Account Used to Support Hong Kong Protesters

For months on end, Hong Kong has been the scene of intensive confrontation between pro-democracy activists and its Beijing-supported government. It now seems the financial establishment has taken a side in this conflict. Banking giant HSBC has decided to close an account used to support the protest movement in the special administrative region of China.

Also read: Economic Turmoil in Hong Kong Escalates as Colonial-Era Law Is Imposed

Account Collecting Donations for Demonstrators Suspended

The corporate account was closed earlier this week after HSBC found that the actual activities it was being used for did not match the business purposes stated by the client, The Prime Management Service Ltd. According to local press, the suspension comes after the bank asked the account holder last month to withdraw the balance within 30 days.

The account has been collecting donations for a non-profit organization called Spark Alliance HK. It spent the money to…