Banks giving leeway to businesses affected by coronavirus

KUALA LUMPUR, 11 Feb 2020:

Member banks of the Association of Banks in Malaysia (ABM) are ready to assist businesses affected by the 2019 novel coronavirus outbreak.

In its statement today, ABM informed that bank members’ concerted efforts were underway to ensure their customers are able to weather through during this trying time and to ensure business continuity.

“The financial industry is cognisant of the current coronavirus outbreak affecting businesses and industries globally and locally.

“We, therefore, advise businesses experiencing financial difficulties arising from the current coronavirus outbreak to consult with their banks as soon as possible to discuss their options pertaining to their loan commitments and/or repayments.”

ABM said the options might involve loan rescheduling and restructuring and/or moratorium on loan repayment(s), in addressing the adverse financial circumstances faced by borrowers brought upon by the outbreak.

It also stated such assistance would be subject to independent assessment by member banks on a case-to-case basis.

– Bernama