AmBank extends financial support for affected borrowers

KUALA LUMPUR: AMMB Holdings Bhd (AmBank) has stepped up its ongoing efforts in providing relief to customers, both individuals and SMEs who are affected by the movement control order (MCO).

In a statement, AmBank said its efforts were in line with the Government’s targeted repayment assistance initiative, which was announced under the Pemerkasa Plus financial aid package.

Group chief executive officer Datuk Sulaiman Mohd Tahir said AmBank would continue to assist customers through the repayment assistance packages and the rescheduling and restructuring plans that meet their respective needs.

“To this end, as at March 31, we have extended approximately RM15.2bil in repayment assistance for loans and financing for all customer segments and have approved close to 100% of these applications. We aim to extend this service further, up to Dec 31 and are also conscious of the need to review the potential of granting further extensions, if need be, in light of MCO 3.0,” he said.

AmBank will be engaging with customers to extend their trade bills by one cycle to further cushion the impact on cashflow.

“We would like to urge customers to reach out to us to discuss repayment assistance and at the same time, the bank will also continue to engage with our customers especially those in the affected industries,” Sulaiman said.

It said the repayment assistance would be extended to all AmBank customers who had experienced loss of employment, recipients of the Bantuan Sara Hidup or Bantuan Prihatin Rakyat, microenterprises as well as SMEs who were not allowed to operate during the MCO (locked-down sectors).

It added that affected customers were given the choice of a payment deferment for three months or a reduction of monthly instalments by 50% for a period of six months.

In addition, AmBank said all individual loan / financing customers who have suffered a reduction in income will be offered a lower monthly instalment payment plan, which corresponds with the reduction in their income.