HSBC requests all of its Hong Kong staff to get vaccinated

[LONDON] HSBC Holdings asked all of its Hong Kong staff to get vaccinated against the Covid virus after city authorities issued a new circular to push for higher inoculation rates.

Colleagues who have not received a first dose should either get inoculated by Nov 30 or submit to a Covid test every 14 days, the London-based bank, which counts Hong Kong as its largest market, said in a memo to staff seen by Bloomberg News.

The memo was confirmed by a bank spokesman. The Hong Kong Monetary Authority and four other regulator issued circulars to financial institutions last week to urge all of their staff to get vaccinated or submit to testing, expanding on a June request that employees in client facing roles or support functions get inoculated.

The HKMA said 80 per cent of designated staff at authorised institutions now have at least one dose, but there's a need for further action to minimise operational risk and protect staff and customers.

Hong Kong has struggled to get its population vaccinated, lagging behind rival financial centres such as Singapore, London and New York. The city's zero-Covid policy has been successful in keeping local cases at bay, and most businesses have been back to close to full capacity over the past months. HSBC opened its offices fully in June.

HSBC's memo was earlier reported on by the Hong Kong Economic Times. The city is also seeking to open its border to mainland China to foster cross-border business and promote the return of Chinese tourists, while it has kept in place strict quarantine measures for travellers coming in from outside China. In Singapore, which has abandoned its zero Covid strategy, city officials plan to restrict access to the workplace for those who are unvaccinated from January unless they test negative daily as part of plans to resume normal activities.

Hong Kong has about 60 per cent of its population fully vaccinated, while Singapore's rate is about 84 per cent.

BLOOMBERG