HSBC continues to show support for small to medium-sized businesses hit by the coronavirus outbreak in Hong Kong with additional liquidity relief of $30 billion.
The bank said during the weekend that it would extend $3.9 billion of additional liquidity relief to affected businesses as the coronavirus outbreak has led to 36 infected individuals and one death in Hong Kong.
According to HSBC, the initiative will target taxi and public light bus operators; borrowers of property-secured commercial loans; trade finance customers; and borrowers of import trade loans. Relief measures include temporary interest-only repayments, extensions to repayment schedules and the creation of overdraft facilities. In addition to SMEs, the bank is now mulling additional initiatives to support individuals.
«Our community needs every bit of help at this unprecedented time,» said HSBC’s Hong Kong chief executive Diana Cesar in an «SCMP» report. «We are committed to supporting our customers and will introduce more initiatives that will provide near-term relief.»
Hong Kong Lender Support
HSBC becomes the seventh local lender to announce support for the relief efforts after ICBC Asia recently said it would provide temporary interest-only payment arrangements for mortgage loan borrowers, waited or reduced credit card late payment penalties alongside improved fees and rates for investment and deposit products.
Other lenders that have publicly announced support include Bank of China (Hong Kong), Bank of East Asia, China Citic Bank International, Hang Seng Bank and Standard Chartered.
Efforts in Hong Kong mirror that of mainland China’s which include support from both the local financial sector as well as global players like UBS and Julius Baer. Meanwhile, the coronavirus outbreak continues to worsen with reported infections now rising beyond 40,000 and deaths exceeding 900.
