On June 19, The League of Social Democrats (LSD) sent an open letter to HSBC’s CEO Noel Quinn, asking him and HSBC to explain the unwarranted cancellation of the bank accounts of LSD and some of its members.
In February, HSBC notified the LSD of the termination of three of its bank accounts. At the time, HSBC said it had decided to close the accounts after a thorough review but did not give specific reasons, saying only that it had a responsibility to review bank accounts regularly “to protect customers and the financial system.”
In May, HSBC sent another letter, informing the group that the bank would maintain its decision to terminate the crowdfunding platform’s account. In addition, several members’ bank accounts at HSBC, Hang Seng Bank, and Bank of China were also canceled….