KBank continues to help customers after debt holiday program
KASIKORNBANK (KBank) will continue to assist its customers after the debt holiday program comes to an end on October 22. This announcement came via a press statement on the KBank website. It notes that 81 percent of debtors could resume their debt repayment as usual. However, the rest may still be unable to make their debt repayment due to liquidity constraints. Therefore, KBank is preparing to aid these cash-strapped clients based on their needs. The aid will arrive via multiple measures. These measures will include firstly, reduction of monthly debt repayment. Secondly, the suspension of principal payments and the break of both principal and interest payment. Finally, the measures include the extension of new loans and financial capital to ensure their customers’ business continuity and survivability.
KBank President Weighs In
Mr Krit Jitjang, KBank President, acknowledged that a large number of the Bank’s business and retail customers have been facing financial stress. This financial strain is due to the COVID-19 pandemic. KBank has been assisting its customers in easing their debt burdens. The assistance includes reduction of monthly debt repayment and suspension of principal and interest payment. KBank is also offering financial aid for liquidity enhancement. “Our business and retail customers have been granted a combined 860,000 million Baht through assistance measures”, said Mr Jitjang. “Of that amount, we offered 360,000 million Baht via the debt holiday program”, he added.
The debt holiday program expires on October 22. KBank added that measures for customers participating in the debt moratorium program them to keep running their businesses. “We have closely enquired with each of our customers regarding their liquidity or cash flow”, said Mr Jitjang. He also announced that KBank’s assistance would emphasise on tackling their customers’ specific problems rather than offering general service. KBank’s assistance measures, therefore, are varied in alignment with industrial conditions and the nature of our customers’ businesses.
In conclusion, Mr Krit said that, while KBank has issued assistance measures which serve to relieve debt burdens at present, there are already 1% of its customers that have closed their business. He ended by advising business operators to make adjustments to find new markets and control costs.
Visit the link here for more information on the announcement.
