Japan’s SBI plans Hong Kong pullout on concerns over security law

The decision by Yoshitaka Kitao will make SBI, which is the largest Japanese financial institution and owns Japan’s biggest online brokerage, to opt for a full withdrawal from Hong Kong and comes as the group is also reviewing London’s status as the optimal financial centre in Europe.

The introduction last year of Hong Kong’s controversial National Security Law, under which 47 activists were arrested earlier this month, had created increasing fear in Japanese boardrooms, said Kitao.

He continued Hong Kong was “not a good place for financial institutions”, adding that increasing numbers of Japanese companies were reconsidering the scale of their operations in the former British colony.

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