KUALA LUMPUR – Citi Malaysia will continue to offer customers impacted by the Covid-19 pandemic the option to choose the Repayment Assistance that best suits their financial needs.
The Repayment Assistance in line with the Targeted Repayment Assistance announced recently by the Association of Banks in Malaysia offers a loan deferment (moratorium) for a period of 3 months or 50% reduction in the monthly instalment payment for a period of 6 months.
Individual customers who have lost their employment, B40 borrowers who are registered under the Bantuan Sara Hidup (BSH) and Bantuan Prihatin Rakyat (BPR), microenterprises with loan facilities of not more than RM150,000 and SME customers not on the list of permitted sectors allowed to operate can opt for this specific repayment assistance.
M40 and T20 customers who are still employed but have had their incomes affected, will continue to be offered repayment assistance options as well. This includes reduction in monthly instalment for a period of 6 months.
Enhancement to the extension of assistance to the affected customers and enterprises includes greater simplification to the application process and the option of choice to all who meet the selected criteria. In addition, Citi Malaysia will also continue to offer all other customers its existing financial assistance packages including rescheduling and restructuring of loans on a case by case basis.
Citi Malaysia Chief Executive Officer Usman Ahmed said today, “The financial well-being of our customers is a priority especially those unable to meet their financial obligations. We are actively engaged with them to assess immediate needs in the short term, offer them the financial relief which they need while supporting them in building a sustainable financial future for the long-term. Focus will be placed on ensuring that the right assistance is extended to customers that need it the most during this time. At Citi, we are committed to the delivery of best-suited financial solutions to every customer and we have done this consistently to assist customers during this pandemic.”
“Our mission is to serve as a trusted partner to our clients by responsibly providing financial services that enable growth and economic progress. Whilst we focus on the customer experience and seek solutions to help customers through this difficult time, we have an equal responsibility in the financial sector to mitigate risks, ensure we have a resilient financial system and contribute to the country’s economic well-being. Given that the pandemic situation has evolved from the first outbreak last year and there are vaccines available globally today, financial support in most markets today is centered on a more targeted repayment approach so that assistance is extended to those adversely impacted. The financial sector has ably demonstrated the flexibility and agility to review assistance commensurate with the economic environment and pandemic situation. We will continue to do this and act responsibly in the best interest of all,” he added.
Customers are encouraged to utilize Citi’s digital banking channels including Citibank Online at www.citibank.com.my and the Citi Malaysia Mobile App. CitiPhone services are available and operating as usual. Citi Priority, Citigold and eligible SME clients can contact their Relationship Managers to set up appointments as necessary through audio, video or conference calls.