The number of branches at Hong Kong's three note-issuing banks has dropped by 17 in less than a year, according to figures from the Monetary Authority.
The three banks had a total of 413 branches at the end of October, compared with 430 at the end of December last year. HSBC closed down six branches and had 120 left, while the Bank of China folded nine branches, leaving 214 in operation.
Standard Chartered Bank had 79 branches after closing two.
But the total number of ATMs of the three banks increased from 1,337 to 1,364. HSBC installed 19 more, for a total of 727, and Bank of China added seven to raise its total to 416.
Standard Chartered Bank installed one more for a total of 221.
League of Social Democrats lawmaker Albert Chan Wai-yip said in a Legislative Council meeting yesterday: 'These are note-issuing banks and we have a higher expectation from them when it comes to committing to social responsibility. We expect them to have more branches every year, but not to close down 17 in such a short time.'
But acting secretary for financial services Julia Leung Fung-yee said the branches and ATMs maintained by the three banks were able to meet the public's demand for banknotes.
The three banks had a responsibility to maintain an effective and efficient network for banknote distribution, she said. 'As regards the provision of basic banking services, the banks are no different from other banks. Their decisions are all based on commercial considerations.'
Unionist legislator Wong Kwok-hing asked if banks have the power to exempt mutual aid committees of residential buildings from paying bank charges when their bank balance is under HK$5,000. Leung said the government would discuss the matter with the Association of Banks.