KUALA LUMPUR: Citi Malaysia will offer a repayment assistance option to customers impacted by the Covid-19 pandemic and the full Movement Control Order (MCO 3.0).
The repayment assistance is in line with the bank's targeted repayment assistance announced
Recently, the Association of Banks in Malaysia offers a loan deferment (moratorium) for a period of three months or a 50 per cent reduction in the monthly instalment payment for six months.
Chief executive officer Usman Ahmed said the financial well-being of its customers is a priority, especially those unable to meet their financial obligations.
"We are actively engaged with them to assess immediate needs in the short term, offer
them the financial relief they need while supporting them in building a sustainable financial future for the long term.
"Focus will be placed on ensuring that the right assistance is extended to customers that need it the most during this time," he said in a statement today.
Individual customers who have lost their employment, B40 borrowers who are registered
under the Bantuan Sara Hidup (BSH) and Bantuan Prihatin Rakyat (BPR), micro-enterprises with loan facilities of not more than RM150,000 and SME customers not on the list of permitted sectors allowed to operate can opt for this specific repayment assistance.
The bank said M40 and T20 customers who are still employed but have had their incomes affected would continue to be offered repayment assistance options as well.
This includes a reduction in monthly instalment for a period of six months.
In addition, Citi Malaysia will also continue to offer all other customers its existing financial assistance packages, including rescheduling and restructuring of loans on a case by case basis.
"Whilst we focus on the customer experience and seek solutions to help customers through this difficult time, we have an equal responsibility in the financial sector to mitigate risks, ensure we have a resilient financial system and contribute to the country's economic well-being.
Given that the pandemic situation had evolved from the first outbreak last year and there are vaccines available globally today, financial support in most markets today is centred on a more targeted repayment approach so that assistance is extended to those adversely impacted.
"The financial sector has ably demonstrated the flexibility and agility to review assistance commensurate with the economic environment and pandemic situation. We will continue to do this and act responsibly in the best interest of all," Usman said.
Customers are encouraged to utilise Citi Malaysia's digital banking channels, including Citibank Online and the Citi Malaysia Mobile App.