Standard Chartered, Hang Seng Bank close branches as citywide strike, protests wreak chaos in Hong Kong
- All three note-issuing banks in Hong Kong saw their shares fall to the lowest level in three months as a citywide strike disrupted travel and violent protests continued
- The yuan falling below 7 per US dollar in response to Trump’s new tariffs also hit the share prices
Seven of Hong Kong’s biggest banks – including two note-issuing lenders – closed branches on Monday as strikes and protests brought large parts of the city to a standstill.
HSBC Holdings said it had closed 10 of its branches at 2.30pm. Hang Seng Bank, a subsidiary of HSBC, said it had shut five branches for most of the day, while 15 more closed early, in the afternoon.
Standard Chartered, one of the three banks that issue currency in Hong Kong, closed several branches in the afternoon, China Citic Bank International closed five out of its 30 branches, and Citibank closed all 19 branches earlier than usual.
Singaporean lender DBS closed all of its branches in Hong Kong, saying it was for the safety of its staff.
Most of the banks’ closures were in areas including Tsuen Wan, Mong Kok, Tai Po and Admiralty.
Meanwhile, ICBC Asia, the Hong Kong arm of Industrial and Commercial Bank of China, the country’s largest lender, said on Monday evening it was shutting all its branches until further notice.
