Banks shut Hong Kong, Macau branches in response to virus outbreak

BANKS including OCBC, Standard Chartered and HSBC have temporarily closed several branches in Hong Kong and Macau, in light of the worsening Wuhan virus outbreak, The Business Times (BT) understands.

OCBC Wing Hang Bank closed three branches in Hong Kong last Friday, which include their outposts in Shatin, Hunghom and United Centre. Another three branches in Macau were closed on Sunday. OCBC Wing Hang has a total of 54 branches in Hong Kong and 12 in Macau.

There are no branch closures for DBS in Hong Kong, but 13 of them are temporarily providing limited branch banking services until further notice. BT understands that these branches are suspending bank teller services. DBS has more than 30 branches in Hong Kong. 

Standard Chartered has suspended operations at 18 branches in Hong Kong, with effect from Monday, Feb 3. These include branches at Two Chinachem Central, Great Eagle Centre at Wanchai and Exchange Square at Central.

Also on Monday, HSBC closed 24 branches, premier centres and business centres in Hong Kong until further notice. They include those on 238 Nathan Road and in Aberdeen Centre and Convention Plaza Centre.

The Hong Kong Monetary Authority said last Friday that 20-30 per cent of bank branches will be closed, while others will shorten their service hours due to the coronavirus.

It urged banks to ensure their customers still have access to basic banking services and to inform them in advance of any closures. Online or mobile banking was also encouraged by Hong Kong's central bank.

While the Hong Kong authorities have extended school holidays and suspended residents of China's Hubei province - where the outbreak originated - from entering, they have so far resisted pressure from groups to shut all its borders with China. Hong Kong has 15 confirmed cases of the virus.

Prior to the outbreak, some banks in Hong Kong had already closed some of their branches in response to the political turmoil that began in June 2019. HSBC, for example, had to close at least eight of its branches temporarily due to the protests.

The latest coronavirus outbreak has sickened over 17,000 people worldwide and killed over 360 at last count. This means its death rate remains at about 2 per cent compared to around 10 per cent during the 2003 Sars epidemic, though the Wuhan virus has sickened more people than Sars. Studies on how quickly it spreads remain inconclusive, with a commonly used measure - known as the basic reproduction number - being difficult to calculate.

The virus was first reported as a string of pneumonia-like cases in Wuhan in December, before the World Health Organization identified it in early January as a new strain of coronavirus. It has since spread to markets including Singapore, Malaysia, Taiwan, France, South Korea and Canada.