HSBC joins Singaporean banks in local relief measures
HSBC Singapore is the latest to join other Singapore banks in announcing a series of relief measures to help businesses and individuals weather the effects of the Covid-19 outbreak.
HSBC on Friday announced its package of support measures for Singaporean customers, joining DBS, Standard Chartered, OCBC who already released their relief packages on Thursday. The UOB announced midweek that it would set aside S $ 3 billion to support small and medium-sized enterprises (SMEs).
The bank’s support package aims to facilitate Singapore’s trade flow, which includes extensions to the SGD $ 600 million maturity date of current commercial loans and a one-hour deadline for issuance of shipping guarantees. “Trade underpins Singapore’s economy and society. The measures we introduced today aim to facilitate the continuous flow of trade by alleviating cash flow and operational pressures faced by businesses facing supply chain disruptions. We are committed to supporting our customers, ”said Tony Cripps, Managing Director of HSBC Singapore.
In addition, it waives modification fees on letters of credit affected by delays, and provides enhanced support to enable customers to go digital.
On Thursday, DBS provided details of its liquidity relief plans to meet the “most urgent cash needs” of their clients after the lender announced its year-end results. In particular, it provides for a six-month principal repayment moratorium for mortgage loans to SMEs.
Available on demand
In addition, DBS will offer an extension of import facilities up to 60 days to serve as immediate cash flow support for companies facing the disruption of the Covid-19 situation. These relief packages will be available to customers with a good repayment history when they apply, he added. Support for affected retail customers will be shared on the DBS / POSB website from February 17.
Standard Chartered seeks to offer loan term extensions and principal moratoriums of up to 12 months for clients concerned with corporate bank installment loans on request. Other forms of support could include invoice maturity extensions of up to three months for customers with trade facilities facing late payments, waivers of bank late fees and related fees such as restructuring costs for up to six months; and additional loans their property for clients with commercial mortgages.
For OCBC, it will provide targeted support to clients in its core markets, including Singapore, Malaysia, China, Hong Kong and Macao. The measures include allowing clients to restructure their loans, providing for a moratorium on loan principal repayments, extending the due date of the relevant trade finance invoices and providing bridging loans in the form of loans. additional financing of working capital.
The bank will not limit its aid it will extend to customers, noting that the scale of the virus outbreak is “different from previous challenges” due to increased connectivity in the region, the managing director said. of the OCBC. Samuel Tsien in one media statement.