UOB Malaysia offers relief measures due to Covid-19

Institution : Bank Negara Malaysia - BNM
22 March, 2020      6



KUALA LUMPUR: United Overseas Bank (Malaysia) Bhd (UOB Malaysia) is providing relief measures such as flexible repayments to its customers in Malaysia affected by the outbreak of Covid-19.

The bank said these measures affirmed its commitment to stand by its customers through all market conditions and to lending support to the initiatives put in place by Bank Negara Malaysia to help affected businesses and individuals

UOB Malaysia said for its corporate clients, in particular the small- and medium-sized enterprises (SMEs), and individual customers, it would provide more flexibility in their cash flow management to ease their financial burden.

The relief measures introduced by UOB Malaysia for both its conventional and Islamic banking customers include:


• Moratorium on their loan repayments for up to one year;

• Flexibility to request extension of trade bills maturing between March 18 and 31 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; and

* Review to grant additional facilities based on clients’ financing needs for those who need access to additional financing.

Relief measures for affected individual customers include:

* 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; and

• Accommodation of requests by customers to reschedule and to restructure their mortgages, personal loans and credit card repayments.

UOB Malaysia CEO Wong Kim Choong said the bank was committed to supporting and to helping its customers 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 encouraged customers to consider using the UOB Personal Internet Banking, UOB Business Internet Banking Plus and the UOB Mighty mobile banking app instead of making physical visits to its branches.


Original Source: https://www.thestar.com.my/business/business-news/2020/03/22/uob-malaysia-offers-relief-measures-due-to-covid-19


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