HSBC, StanChart, Prudential fall after report China tightening offshore account rules 

By Samuel Indyk

LONDON, June 4 (Reuters) - Shares in British financial services firms with exposure to China fell on Thursday, after a report in Chinese press said that residents of mainland China were facing greater constraints on opening offshore accounts at major Hong Kong banks. 

The South China Morning Post reported that the Shanghai branch of the Bank of East Asia had suspended opening Hong Kong accounts that allowed overseas investments for those on the mainland. 

Shares in HSBC, Standard Chartered and Prudential fell sharply in London, all down between 5% and 6.3%. AIA Group was down 6.8% in Hong Kong. 

The SCMP also said that staff members at a branch of HSBC in Lujiazui cautioned that all funds deposited into investment accounts must comply with Hong Kong’s regulatory requirements. 

HSBC, Prudential and Standard Chartered were not immediately available for comment when contacted by Reuters.

(Reporting by Samuel Indyk; Editing by Amanda Cooper)