UOB, OCBC unveil relief measures for Malaysia customers as coronavirus outbreak worsens

They aim to help corporate clients and retail customers with their cash flow squeeze

Published Fri, Mar 20, 2020 · 09:50 PM

Singapore

UNITED Overseas Bank (UOB) and OCBC Bank on Friday announced a slew of relief measures for its customers in Malaysia who are affected by Covid-19, as the virus outbreak situation in the country takes a turn for the worse.

Both banks declined to give an estimated cost of the measures but said that the move aims to help corporate clients, in particular small and medium-sized enterprises (SMEs), and retail customers with their cash flow squeeze, and to ease their financial burden during this time.

According to a statement by UOB, the relief measures for their customers - both businesses and individuals - will be assessed and approved on a case-by-case basis.

For UOB's corporate clients including Islamic banking customers, measures include a moratorium on their loan repayments for up to one year and the flexibility to request extension of trade bills maturing between March 18 and March 31 for clients with a good track record. Clients can also choose to repay their trade repayments …