Enduring the pandemic together
After two long years of Covid-19, this year was expected to be one of recovery for economies and communities.
Instead, many countries and territories around the world struggled with waves of debilitating outbreaks including mainland China and Hong Kong.
During his visit to Hong Kong in April, HSBC Group Chief Executive Noel Quinn said: “I want to thank our colleagues for all they’ve done during this incredibly tough period – I’m both grateful for and proud of their work in supporting their communities and each other.”
Addressing community needs swiftly
In response to the Spring 2022 outbreak in Shanghai, we connected with Shanghai United Community Charity Foundation and donated RMB2 million (USD314,000) to deliver essential supplies to community workers, healthcare professionals and associations that support vulnerable groups.
We’ve also launched a dedicated lending fund for micro and small enterprises in mainland China to alleviate financing challenges amid the economic slowdown.
The RMB1 billion (USD157.1 million) programme is the first to be offered by a foreign bank in this market and addresses the immediate need for targeted and preferential financial support.
To boost Hong Kong’s relief efforts, our Hongkong Bank Foundation donated HKD170 million (USD21.7million) to help those affected by the pandemic to overcome a variety of challenges.
The charity partnered with the Hong Kong Red Cross to set up a support hotline for public access to health-related information and mental health counselling and help distribute care packages of COVID-19 test kits, food, household items and basic medicine to vulnerable individuals.
As part of this donation, we’ve supported a door-to-door vaccination programme which connects outreach teams of doctors and nurses with older people and people with disabilities at home, ensuring those with limited mobility can receive vaccine doses.
The funds are also being used to equip care homes with essential medical equipment, quarantine supplies and temporary staff to address the heightened demand for support. “I would like to acknowledge the extraordinary efforts of our NGO partners, who are supporting vulnerable groups in Hong Kong in different ways,” said Peter Wong, Chairman, The Hongkong and Shanghai Banking Corporation Limited, and The Hongkong Bank Foundation.
“Only when we work together, we will be able to overcome the challenges,” he adds.
The donation fund is focused on addressing three challenges: providing immediate medical relief, access to food, and care for the most vulnerable people.
“Only when we work together, we will be able to overcome the challenges”Peter Wong, Chairman, The Hongkong and Shanghai Banking Corporation Limited, and The Hongkong Bank Foundation
Helping the world heal
In the past year, we’ve focused on delivering vaccines and medical equipment to those who are in need.
When Hong Kong experienced a surge of new infections, we quickly delivered a USD35 million working capital facility to diagnostic health testing company Prenetics – one of the city’s official partners for tackling the pandemic.
The company is also a recipient of our GBA+ Healthcare Fund, an initiative launched in 2021 that targets the sector’s fast-growing, early-stage businesses in the Greater Bay Area.
To boost global vaccination production and distribution, we provided financing to a drug developer and manufacturer in Poland.
We partnered with the Asian Development Bank to help it to supply vaccines and vital medical equipment to places where it’s most needed. Financing for this purpose was also extended to clients in Indonesia, India and Sri Lanka.
To aid impacted communities and industries, we supported the issuance of a social Covid-19 recovery and reconstruction bond in Latin America and the European Commission’s EUR20 billion Next Generation EU bond – both were created to help countries address economic and social repercussions.
In France, our insurance business supported a new fund to meet the investment needs of SMEs as part of a COVID-19 recovery strategy for stimulating economic growth.