HSBC announced on Thursday that it will increase fully-paid maternity leave for full-time staff from 16 weeks to 20, while paternity leave will rise from 10 days to 40.

The bank also said it will double personal and caregiving time for staff, from two hours per month to four.

“Under the new arrangement, working parents will have more time to welcome and enjoy the arrival of their newest family member,” the bank said, adding that it will also “empower employees to not only achieve their professional goals but also prioritise the well-being of their families and personal lives”.

Hang Seng Bank, owned by HSBC, also announced similar moves.