Singapore Financial District Rocked by Virus After Its Biggest Bank Evacuates 300
DBS Evacuates 300 Singapore Staff After Coronavirus Case
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The coronavirus outbreak rocked Singapore’s financial district after an infection at the country’s biggest bank prompted it to evacuate 300 workers.
DBS Group Holdings Ltd. told employees on Level 43 at its Marina Bay Financial Centre Tower 3 headquarters to work from home after a staff member tested positive for the disease. The case is at least the third to strike the business district, where other firms have been sending workers home and setting up temperature-screening checkpoints to stem any further spreading of the deadly disease.
“During this difficult time, the bank will be providing this employee and his family with every support and guidance,” DBS said in a statement Wednesday. “We are also currently conducting detailed contact tracing with all employees and other parties that the infected employee may have come into contact with.” DBS is deep-cleaning and disinfecting the affected office space.
The virus that originated in China has now claimed 1,115 lives, all but two on the mainland. Singapore has 50 confirmed cases, according to health ministry figures. Only Hong Kong has a larger number outside mainland China, excluding an outbreak on a cruise ship quarantined in Yokohama, Japan. The infected DBS employee is a 62-year-old male with no recent travel history to China, the government said.
The infection at DBS comes a day before it’s scheduled to report fourth-quarter results, which will involve a news briefing via webcast rather than in person. Other lenders across Asia including Hang Seng Bank Ltd. and Oversea-Chinese Banking Corp. are also going digital for earnings as they try to ensure staff safety while maintaining business continuity.
“It’s quite difficult for the banks in this region to organize physical meetings given the outbreak,” said David Wong, a Singapore-based banking analyst at Aletheia Capital Singapore Pte. “But physical meetings are useful for getting to know people and establishing rapport.”
Singapore last week raised its disease response level to “orange,” the same grade used during the SARS epidemic, as it braced for what Prime Minister Lee Hsien Loong said was a “major test for our nation.”
Employers in Singapore activated business continuity plans after the Ministry of Manpower issued an advisory asking them to prepare for widespread community transmission. DBS, OCBC and United Overseas Bank Ltd., the country’s largest banks, are among firms that are implementing measures that include having employees working from home or alternate sites, as well as monitoring temperatures of people entering their premises.
Care Packs
DBS has been doing temperature screening and stepped up cleaning of its premises. Next week it will issue care packs including masks, a thermometer, hand sanitizer and vitamin C, it said in the statement.
“The health and well-being of our staff are a top priority for us, and we will lend them every support to get through these uncertain times,” DBS said. The number of evacuees was given in a memo seen by Bloomberg earlier and confirmed by the bank.
At tomorrow’s earnings, DBS is expected to flag the risks from the coronavirus to its business, which spans across Asia including Greater China. DBS’s economists last week cut their forecast for Singapore’s 2020 economic growth by 0.5 percentage point, citing the expected impact of the outbreak on tourism.
DBS has a 30% stake in MBFC Tower 3, which serves as its headquarters. The 46-story property is home to more than 4,800 employees, according to a filing in December 2012. Staff on the vacated 43rd floor include bankers serving small- and medium-sized businesses. DBS declined to comment on the staffing. Other tenants include London-based mining giant Rio Tinto Plc and law firms Clifford Chance and WongPartnership, according to the property’s website.
A worker at an unidentified firm in nearby MBFC Tower 1 was confirmed as being infected with the coronavirus over the weekend, and another case was detected at Clifford Centre. The employee at Clifford works for United Industrial Corp., a Singapore developer, according to an advisory to tenants.
Standard Chartered Plc is an anchor tenant at Tower 1. The U.K. bank declined to comment.
--With assistance from Serene Cheong, Faris Mokhtar and Alfred Cang.
To contact the reporters on this story: Chanyaporn Chanjaroen in Singapore at cchanjaroen@bloomberg.net;Lulu Yilun Chen in Hong Kong at ychen447@bloomberg.net
To contact the editors responsible for this story: Marcus Wright at mwright115@bloomberg.net, Russell Ward, David Scanlan
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