Cambodian Public Bank is responding to the Coronavirus crisis by taking pro-active action to provide help to its customers in distress by restructuring and rescheduling their loans to eligible individual and business customers.
Among the concessions given are offering a loan repayment postponement, allowing loan interest only to be paid and extending the loan tenure or maturity date.
It released a statement saying: “The recent initiative taken by the National Bank of Cambodia to support the banking industry is very timely and sound because it will translate into much-needed assistance to all sectors of the Cambodian economy especially small and medium enterprises and individuals who are financially affected by the COVID-19 pandemic.”
Datuk Phan Ying Tong, regional head of Indo-China operations, said, “With the escalating COVID-19 pandemic on a global scale, the bank is very concerned about its impact on the nation and hopes this assistance will provide relief to its customers.”
He further added, “As the outbreak escalates, Cambodian Public Bank will continue to be pro-active in providing loan moratoriums to help all its customers in their cash-flow situation and alleviate their financial difficulties in this difficult and very challenging time.”
The statement added that in consideration of the safety and health of its customers and employees, the bank has diligently practised crowd containment and management measures including allowing selected staff and expectant mothers to work from home instead of reporting for duty to its corporate Campu Bank Building or its 31 branches nationwide.
“For banking transactions, customers are encouraged to use the bank’s electronic banking, mobile banking and other online services, as part of its social distancing measures to ensure effective containment of the COVID-19 pandemic.”
The move has been welcomed by staff fearful of contagion. One, who declined to be named, said: “We appreciate the gesture in these uncertain times, especially because so little seems to be known about the disease. Working from home is less stressful.”