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Public Bank says Covid-19 relief amounts to about RM40b so far

KUALA LUMPUR (June 14): Public Bank Bhd managing director and chief executive officer (CEO) Tan Sri Tay Ah Lek said today the group’s Covid-19-driven targeted loan repayment assistance programme had so far assisted over 160,000 customers who benefited from the bank’s pandemic relief amounting to about RM40 billion.

The bank in a statement today reaffirmed its full commitment to offering ongoing targeted loan repayment assistance to support customers who face loan repayment difficulty due to Malaysia's movement control order (MCO) to curb the spread of the Covid-19 pandemic.

Tay said in the statement: “Public Bank’s targeted repayment assistance programme has been progressing very well."

"Public Bank’s proactive efforts in extending its financial help, coupled with the government and Bank Negara Malaysia’s (BNM) significant initiatives to revive the economy, have helped many customers to gradually regain their financial strength. Currently, more than 90% of Public Bank’s customers are paying their monthly loan instalment,” he said.

He said Public Bank's relief amounting to about RM40 billion so far involves an approval rate of close to 100% of all customers’ submissions.

According to Public Bank's statement, its targeted loan repayment assistance programme, which was first launched in August 2020, comprises flexible and comprehensive loan repayment packages. 

These flexible repayment packages are made available for all segments of individual customers as well as microenterprises and small and medium enterprises' (SMEs) instalment payments.

Tay said in the statement that Public Bank understands that the constant high number of Covid-19 cases recently and the MCO may have posed renewed challenges to the people’s livelihoods. 

Many small businesses are also encountering financial constraints, according to him.

"While the bank is mindful that the MCO is necessary to protect the safety and health of the people, the bank will continue to play its part and remain fully committed to providing immediate assistance for customers who need financial help. 

"The bank assures its customers that it will continue to make available its flexible repayment assistance packages for customers to opt for the repayment option that best suits their financial condition,” he said.

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