Big banks ignore plea for Tung Chung branches
Hong Kong’s major banks have turned a deaf ear to a call for the establishment of branches in Tung Chung.
Islands District Councillor Holden Chow has complained that none of the big three banks – HSBC, Bank of China Hong Kong (BoCHK) and Standard Chartered – has a branch in Tung Chung.
He points out that with the area’s population forecast to triple in the coming years, and with the continued rise in tourist numbers, there was an urgent need to provide banking services to the community.
In a written question at to the District Council he called on the financial regulator, the Hong Kong Monetary Authority to press the three banks on the issue.
However, in their responses the banks have confirmed they have no plans to introduce local banking services.
HSBC, which has branches at Discovery Bay, Cathay City, Mui Wo and at both airport terminal buildings, said it reviews its branch network “from time to time” but it is currently not considering one in Tung Chung.
BoCHK and Standard Chartered both said they had noted Chow’s suggestion but would not be taking action.
“Your view has been noted and will used as a reference for the Bank to optimise and adjust branch deployments in due course,” BoCHK said.
I have never seen a city without branches for the biggest banks of that country. It is absolutely appauling to read this report. As a business it is ridiculous that you have to travel to the airport or DB to do banking.
Agreed, Sarah. Especially with the population forecast expected to triple. Whether it’s business owners or basic consumer banking, the lack of major financial institutions is going to be a serious hamper on the local economy.