Commercial Banks Pledge Full Support to Assist Customers Affected by Recent Floods

Kuala Lumpur, Thursday, 3 March 2011:- The Association of Banks in Malaysia (ABM) affirms the commitment of its member banks with branches in flood affected areas to assist in any way possible to alleviate their customers’ financial difficulties caused by the floods.

“Banks want to reassure their customers that they have been taking and will continue to take a sympathetic approach. They can assist in such difficult times by endeavouring to tailor solutions for customers based on their individual financial circumstances,” said Chuah Mei Lin, ABM’s Executive Director.

“In a recent survey of the situation by ABM, it was established that many banks in fact took the pro-active step of contacting their customers. We would nevertheless urge customers facing financial hardship to contact their banks as soon as possible so that their situation can be assessed and advice can be given,” added Chuah.

On a case to case basis and depending on the individual customer’s circumstances, commercial banks may consider restructuring or rescheduling repayments, granting a temporary suspension of repayment instalments and providing additional loans funds where appropriate. Banks can also assist in advising customers how to make general insurance claims on the damage to their premises and/or losses incurred.

The commercial banking industry fully appreciates how difficult and stressful this period can be and will work with their customers to ensure that loans do not fall delinquent. Members of the public who are for any reason unable to engage with their banks are welcomed to inform ABM through ABM’s toll free number, ABMConnect 1-300-88-9980 which is opened from Mondays to Fridays (save for public holidays), 9.00a.m. to 5.30p.m. or through our website www.abm.org.my.

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