Mirroring similar efforts in China, Standard Chartered and HSBC join other banks in Hong Kong in easing borrowing terms to help companies that are reeling from the coronavirus outbreak.
Two of Hong Kong's largest banks have announced billions in support measures as the novel coronavirus outbreak threatens to derail the special administrative territory's economy that is already suffering the effects months-long protests have brought to its retail and tourism industries.
Standard Chartered is offering a six-month mortgage principal payment holiday, additional coverage for life insurance plans, a three-month waiver of credit card late charge fees, as well as a package of measures designed to help small and medium-sized enterprises, the bank announced in a statement on Monday.
Among the measures to help SMEs are a moratorium of loan payments of up to 12 months, a 50-percent subsidy for all tenors on guarantee fee under the SME Financing Guarantee Scheme, and other fee waivers.
HSBC Offers Relief
HSBC on Sunday announced that it would extend an additional HK$30 billion ($3.9 billion) of liquidity relief to help struggling coronavirus-hit businesses, and is evaluating initiatives that will benefit personal customers.
It is offering cash flow support for trade finance customers, with up to HKD10 million quick cash facility; repayment flexibility with an extension of import trade loan payment period for 30 days; and extension of the principal moratorium to taxi and public light bus loans and property-secured commercial loans.
«Our community needs every bit of help at this unprecedented time. We are committed to supporting our customers and will introduce more initiatives that will provide near-term relief,» Diana Cesar, chief executive, Hong Kong, HSBC, said in the statement.
