Banks ready to assist businesses affected by virus outbreak

PETALING JAYA: The Association of Banks Malaysia (ABM) said its member banks are ready to assist with coordinated measures to businesses affected by the coronavirus outbreak.

Some of the options available to affected businesses may involve loan rescheduling & restructuring and/or moratorium on loan repayment, subject to independent assessment by member banks on a case-to-case basis.

“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.

“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,” it said.

Meanwhile, Malayan Banking Bhd (Maybank) said it will offer financial relief to customers affected by the coronavirus outbreak, which includes restructuring & rescheduling of financing, as well as a moratorium on loan repayments for up to six months.

In a statement, Maybank group president & CEO Datuk Abdul Farid Alias said 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.

“We do understand that this sudden turn of events arising from the virus outbreak have impacted some of our customers across various industries, and also individually,” he said.