Banks, insurers join Alibaba, Tencent in donating to efforts to fight coronavirus outbreak
- Several of the financial firms that have made donations are looking to expand their businesses in mainland China
- Corporate donations by financial companies not uncommon during times of calamity, such as the recent Australian bush fires
Foreign banks, insurers and other financial companies have announced plans to donate millions of dollars in recent days to help fight the spread of the coronavirus epidemic that has already reached all of the mainland's provinces.
Many of those same companies are also making big bets on China’s future growth as the country's financial services sector further opens up, with several seeking to take controlling stakes in their local joint ventures.
On Monday, UBS said its China business would donate US$1 million to “frontline responders” in China to help fight the spread of the deadly virus, while Allianz (China) Insurance Holding and its corporate parent, Allianz, said they would set up a 4 million yuan (US$570,000) emergency response fund to help tackle the outbreak.
“This is a challenging time for many of our employees and customers, their families and the local community,” David Chin, head of UBS’s Asia-Pacific investment banking operations and its China country head. “It is a critical time for us to give back to the community and help authorities in the most affected areas.”