(Yicai Global) Feb. 12 -- The Chinese mainland units of many overseas banks, including Citibank and HSBC Holdings, have sought to ease their corporate clients' plight amid the new coronavirus epidemic by making it easier to borrow money. 

The measures include opening an online green channel for supply chain financing, lowering interest rates, and offering special treatment for drugmakers, according to data compiled by Yicai Global. 

The virus outbreak has claimed 1,114 lives in China and caused major losses for retail, manufacturing, and tourism sectors as it started spreading during the Chinese New Year holiday, a usually busy time of traveling and shopping.

"Small, medium, and micro enterprises are an indispensable force of China's economic development, but the sudden outbreak has put severe financial and operating pressures on them," said Frank Fang, vice president of HSBC China's Shanghai unit. "Helping these firms via financial measures is the best way for us to participate in the fight against the epidemic and support the Chinese economy." 

HSBC China's clients can apply for interest rate cuts that go as high as 0.5 percentage point, according to the London-headquartered lender's mainland arm.

Hang Seng Bank China targets manufacturing, wholesale and retail, hospitality and catering sectors by promising that their loans' interest rates will not exceed Jan. 20's loan prime rate, which should result in savings of CNY10 million (USD1.4 million), the mainland branch of the Hong Kong-headquartered lender said in a statement yesterday.

New York-headquartered Citibank has streamlined its cross-border payment processes and supported multinational pharmaceutical firms to import drugs by providing bill discounting services worth up to CNY200 million.

Fubon Bank China, running under a Taiwan-headquartered parent, has assisted nearly 300 suppliers in construction and manufacturing sectors in many cities across China, including Wuhan, to help maintain stable funding channels. It has also lowered or even waived transfer fees for Central Hubei province-based suppliers.

Editor: Xia Ruirui, Emmi Laine