Bangkok--17 Jun--Bangkok Bank
Bangkok Bank has issued measures to support the liquidity of SMEs affected by recent political rallies. The measures include a financial advisory service, new loans, extended credit lines, easier debt repayment conditions and reductions in interest rates. The bank will pay special attention to customers in the tourism, hotel and retail and the measures will be available until 30 December 2014.
Bangkok Bank Senior Executive Vice President Virasak Suthanthavibul said the bank has issued supportive measures to help customers affected by political rallies which took place from October 2013 – May 2014. The measures are targeted at SMEs located in rally areas and customers in related industries such as tourism, hotels, retail and services. He said many of these customers earned less than they would normally and some face liquidity problems and difficulties in repaying debt.
The measures to assist Bangkok Bank’s customers are as follows:
1) More Credit. This can take the form of new loans, an extension of the existing credit line for working capital, or a new term loan with a special interest rate. The support will be determined on a case-by-case basis, taking into account the severity of the impact on the customer.
2) Better Conditions. This would involve amendment of the terms of existing loans such as lowering the required principal repayment, extending the repayment period for up to 12 months, or providing a grace period for the repayment of principal for up to six months.
3) Reduced Interest Rates. Interest rate relief will be provided on a case-by-case basis, depending on the severity of the impact on the business.
4) Financial Advisory Service. The bank will provide financial advice to customers affected by the political unrest. This will be provided by bank executives, managers and relationship officers who will provide advice about loans.
Customers can ask for advice and apply for any of these forms of assistance any time between now and 30 December, 2014.
Mr. Virasak added that during the political rallies, the bank’s executives, managers and relationship officers took care of each individual customer as deemed appropriate and monitored the situation continually, particularly with regard to SMEs. The bank provided advice and urgent supportive measures while refraining from reporting customers to the Credit Bureau which would have negatively affected their debt status.
Customers affected by the political rallies who would like more information about the measures are advised to contact managers or relationship officers at the bank’s nationwide network of business centers.