This article first appeared in The Edge Financial Daily on March 19, 2020

KUALA LUMPUR: CIMB Bank Bhd and CIMB Islamic Bank Bhd have expanded their financial relief programmes for customers who have been impacted by the continued Covid-19 outbreak.

The expansion includes a moratorium on loan repayments of up to six months to affected customers in the hardest-hit sectors, CIMB Group Holdings Bhd said in a statement yesterday.

“This is in addition to the standard restructuring and rescheduling financing programmes offered to all affected individual and business customers, announced earlier,” the group said.

For business customers, the group said eligible small and medium enterprises can get up to RM1 million in financing for a tenure of up to five-and-a-half years, which includes the six-month loan repayment moratorium, at an affordable financing rate of 3.75% per annum.

“As a responsible corporate citizen, we hope to be able to do our part by providing financing relief to help alleviate the financial burden of affected customers from the Covid-19 outbreak. We are monitoring the situation closely and will consider adjusting the moratorium and financial relief for an extended period,” said CIMB Group chairman Datuk Mohd Nasir Ahmad.

In addition to the financial reliefs, the group said its bancassurance partners Sun Life Malaysia Assurance Bhd and Berjaya Sompo Insurance will extend the coverage for insurance or takaful policyholders who have been affected under their respective policies.