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Coronavirus: 1 in 4 bank branches shut in Hong Kong, with 16 major lenders including HSBC, BOCHK adapting to worsening fifth wave

  • This is the most number of bank branches ever closed in Hong Kong, except when the city faces severe typhoons and all branches are shut
  • 16 major banks are closing a total of 276 branches because of rising infections

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A closed HSBC branch in Hong Kong’s Sha Tin area. Photo: Felix Wong
Enoch Yiu

One in every four bank branches in Hong Kong, which has the world’s highest concentration of banks, is shutting down and moving all their operations online, after several of the city’s lenders reported Covid-19 infections among employees.

HSBC, Standard Chartered and Bank of China (Hong Kong) (BOCHK), the city’s three note-issuing lenders, are among 16 major banks closing a total of 276 branches until further notice, citing infections among their staff. The closures, which either started last week or will kick-off on Monday, represent about 25 per cent of the 1,100 bank branches in the city. Hong Kong recorded 1,510 confirmed cases – its worst single-day infection numbers yet – on Saturday.
“This is a precautionary measure to safeguard the health and safety of the bank’s employees and customers, while balancing the need to ensure normal banking services to the community,” an HSBC spokesman said. “Customers are advised to take advantage of HSBC’s mobile banking, internet banking, phone banking or nearby self-service banking terminals for the bank’s full range of services 24/7.”
Hong Kong, with a population of 7.5 million residents, is served by 165 licensed banks, including one that operates a single outlet and eight virtual lenders that provide online savings and lending services entirely without bricks-and-mortar premises.

04:19

Hong Kong reimposes tough Covid-19 restrictions in bid to ward off fifth pandemic wave

Hong Kong reimposes tough Covid-19 restrictions in bid to ward off fifth pandemic wave

This is the most number of bank branches ever closed in Hong Kong, outside of public holidays and during typhoon landfalls.

The previous record was in November 2019, when 250 branches were closed for a few days as a result of three days of street protests and traffic disruptions. But those closures were short-lived, as most banks reopened their branches within a few days. The current closures could be lengthy, as most banks have not fixed a reopening date yet.

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