The Doors Are Open... Banks Struggle to Operate Airport Branches

On the 2nd, aircraft were seen parked at the apron of Incheon International Airport. / Photo by Mun Ho-nam munonam@

[Asia Economy Reporter Kim Hyo-jin] As Incheon International Airport and Gimpo Airport have been virtually paralyzed due to the novel coronavirus disease (COVID-19) outbreak, banks operating stores within these airports are struggling to come up with countermeasures. While some currency exchange booths have suspended or reduced operations, branches handling deposit and loan services are inevitably operating normally, considering the demand from on-site staff and others within the airports.

According to the banking sector on the 8th, Woori Bank recently temporarily suspended operations at two currency exchange booths inside Incheon Airport. Shinhan Bank closed one currency exchange booth at Incheon Airport and two at Gimpo Airport. For the remaining currency exchange booths, business hours were reduced from the previous 5 a.m. to 11 p.m. to 7 a.m. to 7 p.m. Hana Bank is flexibly operating some currency exchange booths inside Incheon Airport according to the flow of people and customer visits within the airport.

Branches such as business offices, which are not currency exchange booths, are all operating normally. A bank official said, "Apart from the reduced flight operations, activities of personnel stationed inside and outside the airport and related companies are still maintained to some extent," adding, "If branches other than currency exchange booths stop operating, these customers could face significant inconvenience immediately, so it is difficult to take such measures lightly."

The problem lies ahead. According to Incheon International Airport Corporation, the average daily number of passengers at Incheon Airport from the 1st to the 6th was 6,869. On the 6th, the number of passengers dropped to 4,681, falling below 5,000 for the first time since the airport opened in 2001. Incheon Airport entered Stage 1 emergency airport operation the day before. Accordingly, major facilities such as departure halls, check-in counters, aprons, and baggage handling facilities are partially operated.

Incheon International Airport Corporation plans to apply Stage 2 operation if the number of passengers falls below 7,000, and Stage 3 if it falls below 3,000. Upon entering Stage 2, some runways will be closed and the operation of boarding gates will be suspended. At Stage 3, most commercial facilities will cease operations.

Gimpo Airport announced that there will be no international flights operating to or from the international terminal until the 24th. It is uncertain whether international flights will resume from the 25th.

A bank official said, "If the situation worsens further, we may have to implement different countermeasures than now," expressing, "It is difficult to predict as this is an unprecedented situation." Some banks are also considering temporarily reallocating staff from airport branches to other branches with higher demand.