Citibank Citibank account opening increased need to queue up, citizens transfer deposits Zhang Huafeng: the public need not worry about sanctions

Social News

Written by: Chen Jingqi

2020-08-17 12:02

The implementation of the "Hong Kong National Security Act" has imposed sanctions on Chinese and Hong Kong officials, including restricting US companies from trading with them. Recently, many people open accounts with Citibank, the US-funded Citibank. Some branches require two weeks to make an appointment, and they also have to wait in line to process on the spot. Citibank told "Hong Kong 01" that the number of account openings rose steadily in the first half of this year, but there has been no rapid increase recently.

The reporter visited the Mong Kok branch of Citibank a few days ago. Many citizens who open accounts are HSBC customers, and some citizens do not trust Chinese banks, so they open accounts with Citibank.

Chen Zhenying, a member of the financial sector of the Legislative Council, believes that ordinary banks will strictly monitor politically exposed figures, and ordinary citizens need not worry about operating their accounts normally. Financial services councillor Zhang Huafeng also pointed out that ordinary citizens will rarely be sanctioned and their bank accounts will be frozen. If the above situation occurs, it is like overthrowing the free trade of the entire society, and the public need not worry.

With the implementation of the "Hong Kong National Security Act" in Hong Kong, the United States sanctions officials in China and Hong Kong, and some netizens believe that it is safe to deposit their savings in US-funded banks. (Photo by Huang Baoying)

HSBC is involved in the political whirlpool, netizens once again advocate opening accounts in U.S. banks

The anti-amendment turmoil broke out in Hong Kong in June last year. At that time, some netizens posted on the Internet, worried about the Hong Kong dollar's pegged exchange rate or delinking from the US dollar, and even dissatisfied with the position of Chinese banks. They called on the public to convert the Hong Kong dollar to US dollars and open foreign bank accounts. Even offshore accounts, so all major online social platforms are full of posts about opening instructions.

One year has passed, the linked exchange rate has remained unchanged, but the Sino-US and Sino-UK relations have deteriorated. With the "Port National Security Law" coming into effect at the end of June this year, and HSBC's earlier statement of supporting the "Port National Security Law", but at the same time it was involved in the Huawei Meng Wanzhou case, HSBC was attacked. Therefore, in recent days, major social platforms have re-appeared many teaching posts about opening foreign bank accounts, and it is said that when they appear, it takes two weeks to make an appointment online.

Some citizens who successfully opened an account told "Hong Kong 01" that they had made an online appointment to a branch near their residence. They were told that they would have to wait for two weeks, so they chose to try their luck at other branches and found that they could handle it on the spot, but they also had to wait in line. Long long, waiting for many hours.

Citizen Mr. Zheng tends to diversify risks and open U.S. bank accounts. (Photo by Huang Baoying)

HSBC customers worry about China and Britain's attack on diversified deposits

The reporter inspected the Citibank branch in Mong Kok last Saturday (15th), and indeed citizens came to complete the account opening procedures. Among them, Mr. Zheng completed the formalities around 11 o'clock. He said that because he is worried that the current HSBC bank account may be sanctioned by China in the future, he tends to diversify the risk, open a US bank account, and arrange for his family to go through the account opening procedures one after another.

Consider immigration depending on the political environment

Another account holder, Mr. Ruan, also pointed out that the British government is not sure how the British government will deal with HSBC’s involvement in the political whirlpool. He is worried that HSBC in Hong Kong may be affected. After considering various factors, he believes that most banks in Hong Kong are Chinese-funded companies. , Which describes that in the case of "no choice", Citibank is a US-owned company that is safer. Therefore, after the account opening procedure, most of the deposits will be transferred to the new account to spread the risk. He continued that apart from considering the transfer of funds, he would also decide to emigrate in due course in accordance with the political environment of Hong Kong.

Miss Guo, who also went through the account opening procedures, said that she has no confidence in Chinese banks. (Photo by Huang Baoying)

No confidence in Chinese banks to cancel accounts

Miss Guo, who also went through the account opening procedures, also opened an account for political reasons. She said that she had no confidence in Chinese banks, so she decided to transfer all to Citibank, and even pointed out that after the implementation of the "Minato National Security Law", a VPN has been installed to access the Internet to avoid surveillance.

Although the political environment in Hong Kong is uncertain, she said that she still wanted to live in Hong Kong when she grew up in Hong Kong. Unless the environment becomes bad again, she would consider emigrating her family to the UK.

▼List of U.S. sanctions against Chinese and Hong Kong officials and reasons▼

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Citi: The number of accounts opened steadily in the first half of the year

Citibank responded to "Hong Kong 01" inquiries, stating that the number of personal accounts opened in the first half of this year has risen steadily, and it has not responded to the recent sharp increase. As for the procedures and time required to open a personal account, it depends on different circumstances.

Chen Zhenying: Bank monitoring politicians and ordinary citizens have no influence

Chen Zhenying, a financial legislator who is a consultant of BOCHK, believes that after the bank regulations are a Politically Exposed Person (Politically Exposed Person) opens an account, its transactions will be strictly monitored, but the general public generally does not have a large amount of cash exchange or frequent irregularities For transactions, there is no need to worry about operating the account in the normal way. He continued that the sanctions or the freezing of accounts are special circumstances, and Hong Kong citizens have the freedom to use enterprises with different capital.

Zhang Huafeng: The general public rarely has frozen bank accounts

The Legislative Council Member of Financial Services, Zhang Huafeng, said that Hong Kong has always been a free economic society. Unless the US authorities specifically target people, the general public will rarely be sanctioned and freeze their bank accounts. If the above situation occurs, he criticizes "it is very domineering and violates the free market system", saying that this move is like overthrowing the free trade operated by the entire society.

Therefore, Zhang Huafeng said that citizens do not need to worry about bank accounts being frozen, because if the United States announces sanctions on designated banks, bank customers will generally not be affected. Unless it is targeted at certain people, it will rarely be affected.

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Hong Kong version of National Security Law Citibank (Hong Kong) Citibank HSBC Citigroup Citigroup