HSBC Completes First Funding Under UAE Central Bank's Targeted Economic Support Scheme

HSBC has arranged its first funding for customers under the Central Bank of the UAE’s Targeted Economic Support Scheme (TESS) to support and stimulate economic activity as part of the nation’s policy response to the COVID-19 virus.

“HSBC has the longest track record of any bank in supporting the nation’s economic and social development and we are proud to be playing our part in securing the future,” said Abdulfattah Sharaf, HSBC UAE CEO and Head of International.

“We are pleased to be supporting the central bank’s TESS programme as well as developing measures outside of it to help our customers weather this economic uncertainty,” Abdulfattah said.

TESS provides a range of support measures for individuals and businesses that have been affected by the COVID-19 virus, including a special AED50 billion funding facility, portions of which are allocated to banks in the UAE based on calculations made by the central bank.

HSBC has also taken significant steps beyond TESS, putting a focus on actions that ensure flows of essential goods and services into, and through, the UAE continue smoothly despite the disruption to international trade caused by COVID-19.

“A programme to accelerate digital connections to HSBCnet has added six times as many customers in two weeks as we typically do in two months, and in total we have supported UAE trade worth US$9.2 billion so far this year, including a flow of medical and food supplies worth an estimated US$181 million in March alone,” said Mike Davis, Head of Commercial Banking at HSBC UAE.

“We have spoken with every single one of our borrowing customers in the UAE over the last few weeks, not just to help them protect their businesses from the economic impact of COVID-19 today, but to help them prepare for the future,” Mike added.

One such customer conversation that identified a need for support was at Dubai-based garment business, Globe Group.

“The entire HSBC team has really been there for us during this extremely difficult period and we know that this would not have been possible without your support, for which we will be eternally grateful,” said Globe Group CEO, Sunil Jatwani.

HSBC has also ensured that its packages of support measures for personal banking clients have been designed in response to specific customer demand.

“Our customers have told us where they need our support most and we have made those areas our focus both within TESS – where we have offered repayment holidays for personal loans, auto loans and mortgages – and in our measures that extend beyond the scheme, such as on credit cards and a on school fee payments,” said Dan Robinson, Head of Wealth & Personal Banking at HSBC UAE.

Full details of the package of measures for Wealth & Personal Banking customers can be found at this link, while details of our package for Commercial Banking customers can be found at this link.