Thursday, 25 April 2024
UOB Malaysia announces immediate liquidity relief assistance for customers affected by COVID-19
United Overseas Bank Berhad (UOB Malaysia) announced relief measures to provide immediate assistance to its customers affected by the outbreak of COVID-19.
The measures affirm the bank’s commitment to standing right by its customers through all market conditions and lending support to the initiatives put in place by Bank Negara Malaysia to help businesses and individuals affected by COVID-19.
Amid the uncertainty and difficulties posed by COVID-19, the bank is taking proactive measures to help its corporate clients, in particular the small and medium-sized enterprises and individual customers to have more flexibility in their cash flow management and ease their financial burden.
The relief measures introduced by UOB Malaysia for both its conventional and Islamic banking customers include the following:
Measures for affected business clients
- Moratorium on their loan repayments for up to one year
- Flexibility to request extension of trade bills maturing between 18 and 31 March 2020 for clients with good track records. Clients can also choose to repay their trade repayments at the original maturity date
- Applications for the government-administered Special Relief Facility through UOB Malaysia
- Review to grant additional facilities based on clients’ financing needs for those who need access to additional financing
Measures for affected individual customers
- Moratorium of up to six months on their personal loans, mortgages and credit cards
- Interest-only repayments or payment holiday of up to six months on credit card repayments
- Accommodation of requests by customers to reschedule and restructure their mortgages, personal loans and credit card repayments
Wong Kim Choong, chief executive officer of UOB Malaysia, said, “UOB has always stood by our customers all these years and we will continue to do what is right for them in today’s extremely trying times. We are committed to supporting and helping our customers who are impacted by COVID-19, and we will respond swiftly in helping them alleviate their financial burden.”
UOB Malaysia’s measures for its customers will be assessed and approved on a case-by-case basis. The bank will continue to evaluate its list of relief measures for both its conventional and Islamic banking customers to ensure it provides them with the adequate level of support to help them through this difficult time.
During this period, the bank encourages customers to consider the convenience of using UOB Personal Internet Banking, UOB Business Internet Banking Plus and the UOB Mighty mobile banking app instead of making physical visits to its branches.
Customers are also advised to schedule an appointment with their UOB relationship manager before visiting the branch. Safeguarding the health and safety of its customers and colleagues remains UOB Malaysia’s top priority.
Re-disseminated by The Asian Banker
