Standard Chartered supports Hong Kong staff facing security laws

STANDARD Chartered’s boss said it is advising staff in Hong Kong how to “stay out of trouble” under controversial new laws that the bank supported last year.

So-called national security laws in Hong Kong criminalise anti-government movements in the former British colony and hand sweeping powers to Beijing. The FTSE 100 bank was criticised by campaigners and politicians last year after saying the new law can help maintain the long-term stability of the former British colony.

Bill Winters, Standard Chartered’s chief executive, said yesterday that while staff in Hong Kong, Standard Chartered’s largest market, have not to his knowledge experienced any incidents as a result of the new rules, “we can help them [staff] understand how they can stay out of trouble”.

Spokesmen for the bank declined to comment further. Echoing his counterpart at Standard Chartered’s closest rival HSBC, which reported its half-year results earlier this week, Mr Winters reiterated that the bank has to adapt to the laws in the countries it operates.

The two London-based banks, which both make most of their money in Asia, backed the Hong Kong security law last year in a move which set them at odds with the UK Government, which had been strongly critical of the plans. The then US Secretary of State Mike Pompeo also accused China of bullying HSBC into backing the law.

Mr Winters made his comments as the bank reported a 57pc surge in profits for the six months to June to $2.6bn (£1.9bn) as it released $47m which had been put aside to cover the cost of toxic debts. It also followed in the footsteps of its peers by reinstating its dividend, at 3 cents a share, and announcing a $250m share buy-back. Lenders were forced to halt dividends in 2020 following heavy pressure from the Bank of England.

Banks have seen profits soar this year as Britain barrels out of recession after they were able to release money set aside to cover a possible surge in bad debts.