Senior City figures and political heavyweights have slammed UK lenders HSBC and Standard Chartered for their stance on controversial new national security laws in Hong Kong, saying it was a “worrying sign” the banks were more committed to Asia than their home country.

Both banks have come out in favour of Beijing on the new rules, which critics have said threaten the freedom of Hong Kong. HSBC and Standard Chartered both make a large proportion of their revenues in Asia — despite being headquartered in the UK, which has criticised the security laws — and City leaders have said the banks were simply avoiding ruffling feathers in the region.