- Wuhan officials have banned travel to and from the city in central Hubei province as death toll rises
- Standard Chartered tells staff to defer all business travel to Wuhan until February 3 in view of the current situation
Banks and financial companies are advising employees to use caution in visiting high-risk areas and practice good hygiene as concerns over a viral outbreak in Wuhan has caused local authorities to ban travel to and from the capital of central Hubei province.
Since the severe respiratory acute syndrome (Sars) outbreak in 2003, global financial firms have taken extra precautions when it comes to such outbreaks, with several adding pandemic outbreak planning as part of their business continuity plans. The Sars epidemic afflicted more than 8,000 people in 37 countries and killed 299 people in Hong Kong.
The latest coronavirus outbreak in Wuhan has infected more than 500 people and resulted in 17 deaths, with confirmed cases reported in mainland China, Hong Kong, Macau, Japan, South Korea, Taiwan, Thailand and the United States.
On Thursday, all public transit in and out of Wuhan, including trains, buses and ferries, was stopped at 10am local time as authorities issued a quarantine to contain the spread. Wuhan, with a population of 11 million, is one of the four major railway hubs in China as well as a river shipping hub.
CLSA, the Hong Kong-based research arm of Citic Securities, had already asked employees to refrain from conducting business for the time being in the Hubei province and issued guidelines for employees who have travelled there, according to a person familiar with the matter, but not authorised to discuss it publicly.
CLSA declined to comment.
Several companies operating in the region, including the Beijing office Citic Securities and China Life, had suspended travel to Wuhan and the surrounding area, Bloomberg reported on Wednesday. Both companies did not respond to requests for comment.
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Standard Chartered, which has a branch in Wuhan, said it was monitoring the situation closely and its business continuity plan includes planning for pandemic outbreaks.
"In view of the current situation, we are advising our staff to defer all business travel to Wuhan until February 3," it said. "We will monitor the situation closely for further extension of the travel suspension."
HSBC, which has made a big bet on the growth prospects of Pearl River Delta in southern Guangdong province, had issued a travel advisory for Wuhan before authorities decided on the lockdown on Wednesday. While business travel can continue, "travellers should exercise caution and remain vigilant during their trip," it said.
"Our first priority and concern is the well-being of our staff and customers," a HSBC spokeswoman said. "We have stepped up cleaning measures at all our premises and all employees have been reminded to be more mindful of hygiene procedures and to stay at home or see a doctor if they feel unwell in any way."
The bank, the biggest of the three currency issuing lenders in Hong Kong, was forced to put out a statement earlier this week after social media speculated an employee had contracted the Wuhan coronavirus. HSBC said the employee had actually been diagnosed with Type A influenza.
The bank conducted a thorough cleaning and disinfection of the location at its main office in Central, according to its policy. The bank said employees have been urged to stay at home or see a doctor if they feel unwell.
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Goldman Sachs had previously urged employees to limit non-essential travel to the affected area, according to a person familiar with the matter, who was not authorised to discuss the matter publicly.
"We are closely monitoring the situation," Goldman said.
The outbreak has been traced back to a wet market in Wuhan that sold live animals, in addition to unprepared foods, and comes as the Lunar New Year travel season is in full swing. Some 3 billion trips are expected during the 40-day period in the mainland, which runs to mid-February.
Health officials in Australia, Singapore, the US and other countries have increased screening at key entry points of individuals who have travelled to Wuhan. China's National Health Commission has also authorised hospitals to quarantine suspected carriers of the virus and their close contacts.
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While financial firms are vigilant, most are simply telling their staff to be aware when they travel.
Banks also have adopted measures ranging from regular cleaning of door handles and railings in public spaces to offering hand sanitisers and face masks.
UBS has been providing updates regularly to its staff on personal hygience, but has not restricted travel or activated its business continuity plan. Citigroup and JPMorgan Chase said they are monitoring the situation but neither had restricted travel.
According to an internal memo seen by the South China Morning Post, Citi had building-based responses in place as part of plan to tackle infectious diseases, including regular wipedowns of office spaces and disinfectant hand gels for employees.
The bank also has advised employees to "stay vigilant and practice good hygiene", including avoiding live animal markets in high-risk areas, staying home from work if employees have flu-like symptoms and avoiding contact with sick people.
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