Hang Seng Bank stands with Hong Kong, works with customers to ride out difficult times

February 14, 2020
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Hang Seng Bank stands with Hong Kong, works with customers to ride out difficult times

.Hong Kong is facing myriad challenges amid the spread of novel coronavirus. Hang Seng recognises these challenges may affect some of its customers on both the commercial and retail side, and is committed to working out tailored relief solutions with customers to tide them over the difficult period.

1) Commercial Customers and SMEs

The Bank understands that commercial customers are facing operational and cash flow pressures in the current environment. Relationship managers have been proactively reaching out to commercial customers in all sectors to gauge their needs and difficulties. If required, the Bank will work out appropriate levels of supports such as:
Up to 60-day extension of payment period for import and export trade loans
Arranging interest payments only on secured commercial loans or property loans with principal repayment deferred for up to 6 months, which can be extended for a further 6 months (one-off arrangement), i.e. a total of 12-month interest-only repayment arrangement;
Arranging interest payments only for taxi and public light bus loans with principal repayment deferred for up to 6 months

Hang Seng offers staunch support to SMEs and introduces preferential measures from time to time. From now to 30 June 2020, customers who submit online applications for “Hang Seng Business Loan” can enjoy handling fee waiver, and those who have submitted applications for “SME Financing Guarantee Scheme” will continue to receive full funding of up to HK$100,000 for their guarantee fee in the first year.

2) Retail Banking Customers

The Bank has always given due regard to the spending and borrowing needs of retail customers, including mortgage loans, credit cards and personal loans. If they have special needs or face difficulties, they may contact the Bank directly. The Bank will review each case individually and offers assistance based on the customer’s circumstances, be it arranging for the customer to pay interest only on their mortgage loans* , reducing credit card interest* , waiving late payment fee or working with customers on a debt restructuring plan.

3) Additional Coverage for Insurance

In view of public concerns on the novel Coronavirus outbreak, Hang Seng Insurance has rolled out additional coverage for customers impacted by the virus without requiring any additional premium. This coverage is valid for both new and existing insurance policies until 30 June 2020.

Re-disseminated by The Asian Banker