2020saw foreign banks in Shanghai actively responding to the COVID-19 pandemic by donating funds and supplies, leveraging international advantages to ensure capital flows, and providing green channels for financial services. By February 10, 2020, 12 foreign banks in Shanghai had donated a total of 17.5 million yuan to support epidemic prevention efforts.
1. Active Donations Fulfill Social Responsibilities
Financial institutions such as Citibank China and Bank of America provided cross-border payment solutions to facilitate the procurement of medical supplies. For example, Citibank China waived intermediary fees to ensure timely payment for Indian suppliers, while Mitsubishi UFJ Financial Group completed emergency foreign exchange transactions within 48 hours during the Spring Festival holiday.
2. Green Channels for Epidemic-related Loans
Foreign banks such as Dah Sing China and Shanghai Pudong Development Bank Silicon Valley Bank provided quick loans to support pharmaceutical companies and tech firms. For example, Dah Sing China disbursed 20.05 million yuan in loans within hours to a medical supplies distributor.
3. Supporting Affected Enterprises
Banks including Fubon Bank (China) and China CITIC Bank Shanghai Branch adjusted repayment plans for enterprises affected by the pandemic. For example, Fubon Bank extended payment terms for a Hubei auto group facing liquidity challenges.
