Public Bank to provide special relief facility for SMEs, relief assistance for loans

KUALA LUMPUR (March 19): Public Bank Bhd will be providing a special relief facility for small and medium enterprise (SME) customers and a relief assistance programme for loan repayments.

In a statement, the bank said that it is working with Bank Negara Malaysia to offer a special relief facility for its SME customers during the COVID-19 outbreak.

“The bank has enhanced its internal processes to facilitate faster loan approval and disbursement to assist eligible SME customers to overcome their financial constraints amid this difficult situation.

“SMEs that intend to apply for the special relief facility are advised to approach any Public Bank branch or email [email protected] for financial advice and assistance,” it said.

For individual and business customers affected by the outbreak, the bank is offering an immediate moratorium of up to six months for the monthly instalment payments of loans and financing.

The bank will also continue to accommodate requests from affected customers to restructure or reschedule their loans and financing to help with their cash-flow situation.

“As the outbreak escalates, Public Bank will continue to be very active in providing financial relief measures to help all its customers alleviate their financial difficulties,” said managing director Tan Sri Tay Ah Lek.

The banking group emphasised that it will be operating as usual during the movement control order, while ensuring uninterrupted access to all of its services nationwide during the containment period.

For example, its total branch network will remain open as per normal business hours.

Access to all of its services such as self-service terminals, loan applications and deposit businesses, remittance and card services will remain uninterrupted.
“For the safety and health of its customers and employees, the bank will practise crowd containment and management measures at its branches,” it said.

Additionally, customers are advised to utilise its electronic and mobile banking and other online services as part of social distancing measures to ensure the effective containment of the virus.

As of noon market close, shares in Public Bank Bhd were trading 3.23% or 42 sen lower at RM12.60, giving it a market capitalisation of RM49.38 billion.

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