HSBC welcomes the Hong Kong SAR Government’s move to enhance its SME Loan Guarantee Scheme and will continue to be a participating lending institution in the Scheme. Vincent Cheng, Chairman of The Hongkong and Shanghai Banking Corporation Limited, said: “As a participating lending institution in the Government SME Loan Guarantee Scheme and as a leading bank for small businesses in Hong Kong, we continue to support the Scheme and cater to the needs of our SME customers amid the global financial turmoil.
“HSBC Group Accounts show in the first half to 30 June 2008 net loans and advances to our Commercial Banking customers in Hong Kong, including Hang Seng Bank, were up 24 per cent to US$32.1 billion in the period and up 28 per cent on a year-onyear basis. HSBC Group in Hong Kong continued to lend to the sector going into the second half.”
Margaret Leung, Group General Manager, Global Co-Head of Commercial Banking, added: “We fully support the Government’s enhanced measures for the SME Loan Guarantee Scheme. We believe the removal of the sub-ceilings for equipment loans and working capital loans will provide more flexibility to our SME customers.”
HSBC has been a participating lending institution since the SME Loan Guarantee Scheme was first launched by the Hong Kong Government in 2001.
--www.theasianbanker.com (November 5 2008)--