CIMB to help select sectors after loan moratorium ends

KUALA LUMPUR: Banking group CIMB says it will support borrowers hardest hit by the Covid-19 pandemic including restructuring loan terms, as the moratorium period is set to expire in three months’ time.

CIMB Group Holdings CEO Abdul Rahman Ahmad said the bank will move towards a more targeted assistance approach.

Saying the financial performance of the group for this year will be affected, he said it will 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 has provided significant relief to CIMB’s customers, particularly among B40 households as well as the small and medium enterprises (SMEs).

The moratorium has benefitted over 1.3 million retail customers and over 16,000 SMEs and corporate clients in terms of cash flow.

CIMB has also approved over RM1 billion of relief funds to SMEs, of which RM700 million is under Bank Negara Malaysia’s special relief fund.

Meanwhile, CIMB said it was fully committed to supporting the government’s RM1 billion National Economic Recovery Plan (Penjana) financing scheme for SMEs.

Fake or not? Check our quick fake news buster here.