StanChart Bangladesh offers support scheme to clients

The Standard Chartered Bangladesh (SCB) has decided to offer a comprehensive set of support measures to its clients to help them pull through the hard times of coronavirus (Covid-19). 

Under this facility, the bank offered a three-month payment holiday for the general clients to repay their loans while it is 30 days for the corporate clients. 

The bank has also announced to waive penal interest and late payment charges for the clients, and waiver of the credit card late payment fee for entrepreneurs.  

This special initiative will help customers tackle the tough time that arose from the coronavirus pandemic, the bank said in a statement issued on Tuesday.

"These are extraordinary times for Bangladesh, when our nation is at the inflection point of becoming a middle-income country, and now the turn of events will pose the risk of derailing the country's journey of prosperity," Naser Ezaz Bijoy, chief executive officer of SCB, said. 

"We know that more than ever, our clients with impeccable track records will need support to face this challenge. 

"With our intimate knowledge of our clients and their businesses, our colleagues have already started working together with our valued clients to emerge from this storm, stronger as partners," he added. 

The support measures of SCB for small and medium enterprise/business banking clients are a three-month payment holiday for Loan Against Property, Finance Against Property and Mortgage loans for business owners. 

They also will get extension of trade facilities of up to 60 days for business banking working capital, in line with temporary overdraft or incremental short-term liquidity facility for working capital. 

The support for the corporate clients includes immediate payment holiday for 30 days. Further extension will be considered on a case-to-case basis, and given the situation evolves, the bank will utilise the payment holiday period to assess the need for additional support.

The bank has offered a waiver of penal interest and late payment charges for the clients who will be eligible for the above programmes. 

It also will provide waiver of the credit card late payment fee for entrepreneurs. 

"While the full extent of potential impact remains unclear, we intend to offer payment holidays to assess actual need and tailor support programmes where possible," Naser said. 

"The bank remains as committed as ever to be here for good for our clients, stakeholders and communities, serving as a partner in progress through these challenging times. 

"We are proactively working with businesses and customers to help them navigate the challenges and uncertainty caused by this global health event," the SCB chief executive officer added.