KUALA LUMPUR, 19 March 2020 – As the coronavirus (COVID-19) impacts various industries in Malaysia, HSBC Bank Malaysia and HSBC Amanah Malaysia (together HSBC Malaysia) recognises that individuals and businesses are going through a challenging time and the Bank is extending a helping hand in the form of liquidity relief. The international Bank announces new measures that provide comprehensive and immediate assistance to its customers affected by COVID-19.
The liquidity relief measures introduced by HSBC Malaysia for individual and business customers to endure market uncertainties and supply chain disruptions include:
Wealth and Personal Banking customers
i. The Bank is allowing customers to apply for interest/profit-only payment and moratorium for up to 6 months on loans/financing, mortgages/home-financing and retail business banking (Fusion) to help them to cope with their repayment.
ii. Customers may also apply for a moratorium for their credit cards payment for up to 6 months.
iii. The Bank can customise short-term arrangements according to customers’ needs in restructuring their financing, on top of the existing offers available to them.
Commercial Banking customers
i. Small and Medium Enterprise customers may apply for payment moratoriums.
ii. The Bank has also made available government-guaranteed borrowing facilities to continue to support those who need access to financing.
iii. HSBC Malaysia’s dedicated Business Banking relationship managers are available to discuss the options available to customers.
Commercial Banking and Global Banking customers
i. Repayment flexibility with extension of trade loans/financing payment period for 30 days. For customers with sound trade loan/financing record, the Bank has pre-approved 30-day extension of trade loans/financing maturing between 18th and 31th March 2020 without any additional fee or penalty rate. Customers can also choose to repay their loans/financing at the original maturity date.
ii. HSBC relationship managers are available to discuss and assess situations that customers may be facing, and assistance may be extended accordingly.
These applications for relief measures will be assessed and approved on a case-by-case basis. The Bank is actively evaluating further initiatives to support commercial and personal customers. Furthermore, HSBC will support its customers to navigate through their financial challenges in accordance to the Government’s 2020 Economic Stimulus Package.
“HSBC has stood with Malaysia in good and bad times through the years, we are committed to continue our support to the local community to the best of our capabilities. We empathise with our customers who have to deal with the turbulence caused by this unforeseeable outbreak and we are taking actions to help alleviate their financial burdens.”
Stuart Milne, Chief Executive Officer, HSBC Bank Malaysia Berhad
During this time, HSBC is encouraging customers to utilise the Bank’s online banking platforms such as mobile banking application, HSBCnet and Internet Trade Services which allows customers to manage their personal and business accounts as well as trade finance digitally from home or alternative locations 24/7.
HSBC Evolve and GetRate also remain accessible for customers’ Foreign Exchange needs. HSBC also provides customer support through trainings and webinars to help customers transition to digital banking.