KUCHING: Players within the domestic financial industry are offering financial aids in light of the the current 2019-nCoV outbreak affecting businesses and industries globally and locally.
The Association of Banks in Malaysia (ABM) in a statement affirmed its member banks’ readiness to assist with coordinated measures to businesses affected by the 2019-nCoV outbreak.
“Concerted efforts by our member banks are underway to ensure that bank customers are able to weather through during this trying time and to ensure business continuity,” it said in a statement.
“We therefore, advise businesses experiencing financial difficulties arising from the current 2019-nCoV outbreak to consult with their banks as soon as possible to discuss their options pertaining to their loan commitments and/or repayments.
“In addressing the adverse financial circumstances faced by borrowers brought upon by the 2019-nCoV outbreak, options may involve loan rescheduling and restructuring and/or moratorium on loan repayment.
“Such assistance would be subject to independent assessment by member banks on a case-to-case basis.”
One such bank is Malayan Banking Bhd (Maybank) is offering financial relief to its customers who are impacted by the ongoing coronavirus outbreak.
“We understand that this sudden turn of events arising from the virus outbreak have impacted some of our customers across various industries, and also individually,” said group president and chief executive officer, Datuk Abdul Farid Alias in another statement.
“As their financial partner, we would like to do our part and help relieve them from added distress during this difficult period, in line with our mission of humanising financial services.”
The relief includes restructuring and rescheduling of financing, as well as moratorium on loan repayments for up to six months.
The financial relief will be open to both its business and SME customers as well as individuals affected by the current situation, and will be assessed on a case-to-case basis.
Farid said affected customers were welcome to contact their branch officers or relationship managers to discuss possible solutions to overcome any financial challenges they may be facing.
“Should the situation persist, the Bank will consider the possibility of extending the moratorium and financial relief for a longer period.”
In addition to the financial relief by Maybank, the group’s insurance arm Etiqa will provide hospitalisation coverage to its life insurance and family takaful policyholders that fall ill from the coronavirus.
Meanwhile, AmBank (M) Bhd (AmBank) is also allows for temporary deferment or restructuring of instalment repayments for customers affected by the 2019-nCoV.
“AmBank Group will offer temporary deferment or restructuring of instalment repayments for its individual and SME customers in the wake of the Novel Coronavirus (2019-nCoV).
“AmBank is committed in assisting them during this trying time,” said Datuk Sulaiman Mohd Tahir, Group Chief Executive Officer, AmBank Group.
In addition to this, AmMetLife and AmMetLife Takaful have introduced supportive financial relief to assist policy owners.
Both insurance companies will cover hospital admission due to 2019-nCoV, which the Ministry of Health currently requires treatment to be undertaken at designated government hospitals.
Meanwhile, Agrobank is rolling out measures to help small and medium-sized businesses in the agriculture industry to overcome the impact of the coronavirus outbreak on their finances.
Agrobank covering president/chief executive officer Khadijah Iskandar said the bank values its long-term relationships with clients and has always worked closely with them to support their financial needs in different circumstances.
“We will work with them to review their current situation and identify appropriate arrangements. On top of it, we will be offering temporary relief measures to help our clients. The measures will depend on their business needs and will be determined on a case-by-case basis,” she said in a statement yesterday.