Hong Kong ‘will be fine’ Standard Chartered CEO says, has no plans to shift staff over Covid-19 policies
- Bill Winters would like to see more senior executives and global products based in the city
- The lender is making a US$300 million bet on higher capital flows through the city as China’s financial markets open further
The bank, which is based in London, but generates much of its revenue in Asia, would like to have more of its senior executives and global products located in the city in the future, Winters said. He noted the lender’s new digital-only bank in Singapore will use technology developed through Mox, its Hong Kong virtual bank.
“There’s not a material impact on our business from the mobility restrictions,” Winters told the Post. “I think the bigger impact is on morale. It’s just tough for people not to be able to connect with their colleagues in different parts of the world. Of course, they’re seeing each other on Zoom or Blue Jeans or whatever, but it’s not the same.”
Hong Kong’s “zero-Covid” policies include some of the most restrictive quarantine measures in the world for incoming travellers, as well as residents who test positive for the coronavirus. That has rankled the business community, with some suggesting the city’s draconian measures are hurting its reputation as a financial centre.
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In recent weeks, the city has put up further restrictions on social gatherings, including forcing gyms and cinemas to shut down and ordering restaurants to close at 6pm.