Public Bank reassures COVID-hit loan customers it will continue to offer support | Asian Banking & Finance - The Latest News, Headlines, Insight, Commentary & Analysis

Public Bank reassures COVID-hit loan customers it will continue to offer support

The bank has assisted over 160,000 customers affected by the pandemic.

Public Bank reaffirmed its commitment to offer ongoing Targeted Repayment Assistance to customers facing loan repayment difficulty due to Malaysia’s Movement Control Order (MCO) and the effect of the pandemic, the bank said in a press release.

First launched in August 2020, Public Bank’s COVID-19 Targeted Repayment Assistance Programme offers a suite of flexible and comprehensive repayment packages. Assistances offered include deferment or reduction of monthly instalment payment, amongst others.

To date, the bank said that it has assisted over 160,000 customers and given out over $9.7b (RM40b) of assistance under the programme.

“The Public Bank’s Targeted Repayment Assistance Programme has been progressing very well. To date, this programme has assisted over 160,000 customers, with relief assistance amounting to about RM40 billion and approval rate of close to 100% of total customers’ submissions,” said Tan Sri Dato’ Sri Tay Ah Lek, Public Bank managing director and CEO.

Currently, more than 90% of Public Bank’s customers are paying their monthly loan installment, Tan Sri Tay added.
For Individual customers who have lost their jobs as well as SMEs or microenterprises that are not allowed to operate during the MCO, Public Bank is offering a loan deferment for three months, or a 50% reduction in the monthly instalment payment for six months.

Affected customers who face significant financial difficulties could also avail of a reduction of up to 75% of their existing monthly instalment under these flexible packages. Customers may also propose any other reschedule or restructure arrangement that suit their financial needs.

Public Bank also developed a digital platform to make things easier for affected clients. The platform enables a full straight-through online process on customers’ applications for the repayment assistance. 

Get Asian Banking & Finance - The Latest News, Headlines, Insight, Commentary & Analysis in your inbox
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Banks have to remain consistent and continuous in testing best practices.
Shares were priced at the top end, at KRW39,000 ($34).
In January, 1.2 million transactions were carried out via the SGQR.
Its launch will require legal changes to the nation’s foreign exchange and IT rules.
But less than half of consumers are impressed with the digital financial services currently offered.
Treasury teams can mobilize liquidity and fund intraday payments in real-time.
Customers have the option to pay their tax balances in full or partially.
About 750 new accounts have been opened in four APAC markets through the new portal.
UnionDigital will be a wholly-owned subsidiary of the Philippine lender.
SmartStream’s Peter Hainz and Amazon Web Services’ Anna Green shared their insights on the advantages of on-demand and highly scalable cloud environments for banks and other financial institutions, as well as the factors hindering its adoption in the region.
This August, the Asian Banking & Finance and SAP will provide insights on the evolving landscape for ESG in financial services.
Thirteen lenders noted that demand was moderately weaker than the preceding 3-month period.
Investors will likely seek signs that private lenders will be able to step up lending once COVID subsides.
It opens up new revenue models and lowers the cost-to-serve.