Shanghai banks going to bat for local communities

In the face of severe pandemic prevention and control situation, Shanghai banks are taking proactive measures to help local residents, companies and schools tide over difficult times.

The local branch of the Shanghai Pudong Development Bank is prioritizing funds to industries related to livelihood materials.

The bank issued a working capital loan of 500 million yuan (US$78.6 million) on Tuesday to Bailian Group, a local state-owned retailer that operates a slew of supermarkets and convenience stores.

It has also established a green channel for pandemic credit with the firm, which will respond quickly to its future needs for pandemic prevention funds.

On the same day, the bank issued a special anti-pandemic loan of 378 million yuan to a leading local company in the convenience food industry.

For corporate customers, CITIC Bank's Shanghai branch has continued to provide settlement business during the pandemic.

It is also guiding both corporate and individual clients to handle business through online and individual banking.

Since the COVID-19 outbreak, CITIC has had personnel on duty 24 hours a day, and maintained timely communication with various exchanges to ensure the continuous and stable operation of its settlement business.

Its staff from the Ruihong sub-branch are serving as community volunteers to help sort express deliveries for neighboring residents.

The bank's Caohejing sub-branch has special personnel providing financial services to surrounding residents.

Since the beginning of the month, Bank of China's Shanghai branch said it has provided nearly 500,000 yuan worth of pandemic prevention materials and daily necessities to more than 20 local universities, as well as primary and secondary schools.