HSBC Holdings PLC and Standard Chartered PLC called for a peaceful end to the ongoing Hong Kong crisis through advertisements published in local newspapers on Aug. 22, the Financial Times reported.
HSBC said it "condemned violence of any kind," adding that a peaceful resolution of the issue is paramount to maintaining Hong Kong's status as a financial center. The Asian territory already slashed its growth outlook for 2019 in light of the pro-democracy protests and the police response.
It is unclear whether HSBC, which published the advertisements in five local-language newspapers, did so due to pressure from the Chinese government, which has pushed international businesses operating in mainland China and Hong Kong to take a stance in China's favor, the publication said.
HSBC generates half of its profits from Hong Kong and has an aggressive strategy for expansion in China, the FT noted.
In an internal memo to employees, HSBC reportedly said it would not issue an advertisement in English and that it is not changing its "apolitical" stance on the matter.
Meanwhile, StanChart expressed support for the "one country, two systems" model and the special administration government for maintaining social order and security in Hong Kong.
