UBS Puts Weight Behind Coronavirus Relief Efforts

Editorial Staff

5 February 2020

announced yesterday that it is donating $1 million to help frontline responders in China to speed up efforts to contain the global spread of coronavirus.

The Swiss bank said it is working with a range of domestic charity partners to accelerate national cooperation in areas of critical need. That includes contributing to the timely delivery of medical supplies to the needy, screening and treating suspected cases, developing treatments and vaccines, and constructing medical facilities in the community, it said in a statement.

"This is a challenging time for many of our employees and customers, their families and the local community. Our thoughts are with the many impacted by the coronavirus outbreak," said David Chin, head of APAC Investment Bank and China country head at UBS. "It is a critical time for us to give back to the community and help authorities in the most affected areas."

The virus outbreak, focused initially around Wuhan in China, has been declared a global emergency by the World Health Organization. Due to heavy disruption to supply chains and travel, it has hit gobal markets. (See a collection of wealth managers’ commentaries on the issue, here.) Already, the virus is being seen as larger and more serious in its effect than that SARS outbreak more than a decade ago.