Julius Baer is the latest to join the broader financial industry's coronavirus relief efforts with the donation of 100,000 medical masks to mainland China.
Even outside of China, medical masks face a worldwide shortage after the World Health Organization named the outbreak a global emergency which led to a major buying spree. This is despite estimates by China’s Ministry of Industry and Information Technology that the country’s factories produce over 20 million masks per day.
«We learnt that medical supplies are much needed in China now as many are working tirelessly on the ground to fight against the virus,» said Philipp Rickenbacher, CEO of Bank Julius Baer. «We want to assist immediately and have tried to source the required items in Switzerland. We would like to help and support those in need so that the coronavirus outbreak can be contained.»
According to a release, the medical masks have already been shipped from Julius Baer’s headquarters in Switzerland.
Industry Efforts
Julius Baer joins the financial industry in a concerted effort to combat the deadly coronavirus outbreak. Most recently, UBS announced that it would donate $1 million to frontline responders with a focus on «timely delivery of medical supplies to the needy, screening and treatment of suspected cases, the development of treatments and vaccines and the construction of medical facilities in the community».
Other notable contributors include J.P. Morgan which donated $1 million to the China Foundation for Poverty Alleviation; Societe Generale which donated 150,000 yuan ($21,370) to the Hubei Charity Federation; and HSBC’s China entities which donated 7 million yuan ($1 million) to 10 hospitals in the province and the country’s National Center for Disease Control and Prevention.
