HSBC, which made 40% of its revenue from China and Hong Kong in 2019, said last week it could take up to $600 million in additional provisions against loan losses if the coronavirus outbreak persists into the second half.
Some of the banks have already started stress testing select parts of their China and Hong Kong businesses as fears grow of a pandemic of the flu-like virus that originated in China late last year. An extended disruption to economic activities would weaken the banks’ asset quality and profitability, and will be a credit negative, the rating agency said.
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