Bank of China (Hong Kong), the local unit of China’s oldest lender and one of the city’s three currency issuers, had been the hardest hit, as it bore the brunt of the protesters’ wrath against any company deemed to be associated with the mainland.
The bank shuttered all but one of its 200 Hong Kong branches on Saturday as rioters vandalised its facilities, set fire and wrecked ATMs. Five branches in Causeway Bay, Mong Kok, Kwun Tong, Tsuen Wan and Tsueng Kwan O remained shut on Tuesday after a public holiday, because the premises had sustained fire damage, the bank said, declining to divulge a financial estimate for the damage.
BOCHK and all major banks such as HSBC, Hang Seng Bank, ICBC Asia contacted by the Post all declined to confirm if any cash from ATMs was lost, but did confirm customers’ assets at the banks’ safe deposit boxes were safe.
“BOCHK is making its best endeavour to repair the damaged facilities, and has activated its contingency plan,” the bank said in a statement. “Our customers’ assets, information and all safe deposit boxes remain safe upon evaluation. We would like to reiterate that the operation of the bank remains normal, with a strong financial position and ample liquidity.”
The bank’s parent traces its root to 1912 after the imperial Qing dynasty was overthrown. Before China commenced its capitalist market reforms in 1978, Bank of China was the country’s sole foreign exchange earner and biggest overseas bank. The lender’s operation in Hong Kong was established more than a century ago, and its iconic headquarters building designed by I.M.Pei has been a part of Hong Kong’s skyline since 1990.
“We reiterate that our banknote supply remains normal and have stepped up our efforts to replenish cash for ATMs where practicable,” said the bank, which operates 700 ATMs across the city. “We strongly condemn the radical violence against the bank. BOCHK will continue to spare no effort in contributing to Hong Kong’s economic development, financial stability and people’s livelihood.”
ICBC (Asia), the Hong Kong unit of the world’s largest company Industrial & Commercial Bank of China (ICBC), shut all 59 of its branches on Saturday, keeping four of them closed in Causeway Bay, Mong Kok, Yau Ma Tei and Yuen Long, because of damage sustained over the weekend.
“The branches had been seriously damaged in the past few days, and are currently undertaking repair works,” ICBC Asia said in a statement on Tuesday.“Upon inspection and evaluation, all safe deposit boxes of the bank, and the customers’ assets and information remain safe. The operation of the bank also remains normal, with a strong financial position and ample liquidity.”
China Citic Bank International, a unit of China’s largest state-owned conglomerate, also suspended business at many of its 30 branches in the city on Saturday. Every branch of the bank resumed operation on Tuesday, but six damaged ATMs were halted.
Anti-government protesters damage a China Construction Bank branch following a rally in defiance of the anti-mask law issued by the government on October 5, 2019. Photo: Felix Wong
Citibank, headquartered in New York, had not been caught by the anti-China backlash, but said it’s closing its branches two hours earlier at 5pm.
The closures have had limited impact on banks’ shares. Hang Seng Bank’s shares rose 0.4 per cent in an advancing market to HK$165.20, while its parent HSBC rose 0.3 per cent to HK$58.45. ICBC’s shares rose 1.4 per cent to HK%5.23. Bank of China (Hong Kong) fell 0.2 per cent in an advancing market to HK$25.85 while the shares of its parent closed unchanged at HK$3.06.
“Since most banking services have now moved online and are accessible by smartphones and computers, people do not need to go to their branches,” said veteran stockbroker Cheung Tin Sang. “The damage of some branches are not seen as a problem.”
Source:scmp.com