CIMB to extend support to hardest hit sectors
CIMB Group Holdings Bhd will engage with borrowers from the hardest-hit sectors to extend support and loan restructuring terms, where necessary, said group chief executive officer Abdul Rahman Ahmad.
In a statement, Abdul Rahman said that as the loan moratorium period was ending, the focus for CIMB, as with other financial institutions, would move towards...
CIMB Group Holdings Bhd will engage with borrowers from the hardest-hit sectors to extend support and loan restructuring terms, where necessary, said group chief executive officer Abdul Rahman Ahmad.
In a statement, Abdul Rahman (above) said that as the loan moratorium period was ending, the focus for CIMB, as with other financial institutions, would move towards more targeted assistance.
He said this at the group's 63rd Annual General Meeting (AGM) with shareholders today, held virtually for the first time. The meeting was chaired by CIMB group chairperson Mohd Nasir Ahmad, with the board of directors of the CIMB group in attendance.
Given the Covid-19 pandemic and how it impacted the global economy, Abdul Rahman said the group's financial performance for the financial year of 2020 would inevitably be affected.
To mitigate this, the group would be undertaking a review of its Forward23 strategy as well as increasing the rigour of cost management initiatives.
The six-month automatic moratorium in Malaysia provided relief to CIMB’s customers, particularly those within the bottom 40 percent (B40) of the household income segment, as well as small and medium enterprises (SMEs).
As of end-May, the moratorium benefitted over 1.3 million retail customers and over 16,000 SMEs and corporate clients in terms of cash flow alleviation to help them face this challenging time.
In addition, CIMB approved over RM1 billion of relief funds to SMEs, of which RM700 million was under Bank Negara Malaysia’s special relief fund.
The bank was also fully committed to supporting the government’s newly launched RM1 billion National Economic Recovery Plan (PENJANA) financing scheme for SMEs.
The three hardest-hit sectors according to The Malaysian Employers Federation were tourism, manufacturing, and retail, amidst the Covid-19 outbreak and prolonged movement control order.
- Bernama
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