As Hong Kong’s economy struggles amidst unrest and trade wars, HSBC will be offering rebates and fee reductions for small and medium-sized companies (SME) in Hong Kong – Business Times reports.
As the biggest bank operating in Hong Kong, HSBC said it would “offer a six-month interest rate rebate on loans approved under official financing and loan guarantee schemes for small and medium-sized enterprises (SMEs), fee subsidies for applications for the financing guarantee scheme, and reductions in transaction fees for businesses using HSBC’s mobile payment service.”
While the lender did not quantify how much the measures will cost, it is the only large lender in Hong Kong to have come up with the measures recently.
Additionally, Hong Kong is HSBC’s single biggest market, accounting for 52% of the bank’s US$12.4 billion in first-half pre-tax profits this year, the report shared.
