KUALA LUMPUR, 25 March 2020 – Following the moratorium guidelines by Bank Negara Malaysia (BNM), HSBC Malaysia (comprising both HSBC Bank Malaysia Berhad and HSBC Amanah Malaysia Berhad) is offering automatic moratorium for HSBC Malaysia’s individual and SME customers, whereas corporate customers can choose to opt in.
HSBC announces that for retail and SME customers, both the interest for conventional loans as well as profit on Islamic financing will not be compounded during the moratorium period, which they hope will help ease the financial burden of their retail and SME customers.
This is an extra measure taken by HSBC Malaysia for their retail and SME customers above and beyond the loans/ financing deferment measures announced by BNM where interest will still be accrued and compounded for conventional loans (excluding hire purchase loans) but profit from Islamic financing is accrued but not compounded.
For corporate customers, the bank will review on a case by case basis and, thus, corporate customers should reach out to them via their relationship managers. Please note that only non-impaired accounts are qualified for moratorium. This moratorium applies to all loans/ financing outstanding as at 1 April 2020.
HSBC Malaysia continues to be in consultation with BNM as they evaluate further initiatives to proactively lend a helping hand to their individual and commercial customers as they navigate through their financial challenges during this trying time.
HSBC’s retail customers may refer to www.hsbc.com.my/help/coronavirus/ and SME customers are to contact their Relationship Managers for more updates.