Banks Face Growing Concerns Over Branch Operations Amid Airport Shutdown (Comprehensive)

Partial Suspension and Reduction of Some Currency Exchange Offices
Deposit and Loan Branches Still Operating Normally

On the 8th, the arrival hall of Terminal 2 at Incheon International Airport appeared quiet. / Photo by Mun Ho-nam munonam@

[Asia Economy Reporter Kim Hyo-jin] As the novel coronavirus disease (COVID-19) crisis has virtually paralyzed Incheon International Airport and Gimpo Airport, banks operating stores within these airports are struggling to devise 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, operating hours were reduced from the previous 5 a.m. to 11 p.m. schedule to 7 a.m. to 7 p.m. Hana Bank is flexibly operating some currency exchange booths at Incheon Airport according to internal airport foot traffic and customer visit trends.

Branches such as business offices, which are not currency exchange booths, are all operating normally. A bank official said, "Despite the reduction in flight operations, activities by personnel stationed inside and outside the airport and related business partners are still maintained to some extent," adding, "If branches other than currency exchange booths were to cease operations, these customers would 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 passenger count at Incheon Airport from the 1st to the 6th was 6,869. On the 6th, the passenger count 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 operations 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 passenger count 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. Stage 3 will see most commercial facilities cease operations.

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

A bank official expressed, "If the situation worsens further, we may have to implement different countermeasures than those currently in place," adding, "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.