Krungsri moves ahead to provide integrated relief measures for commercial banking customers to fight against COVID-19 crisis

Event Calendar Press Releases Thursday July 16, 2020 14:25
Bangkok--16 Jul--Krungsri Asset Management

Krungsri (Bank of Ayudhya PCL) unveiled the business directions of commercial banking group in the second half of 2020 that it aims to adopt proactive measures to assist customers who have been affected by the outbreak of coronavirus disease 2019 or COVID-19, and will lend its support the growth opportunities for customers in every business sector.   To reinforce a mission to become a trusted banking partner, Krungsri is committed to providing total financial solutions and deploying digital technologies that respond to the businesses’ needs in the New Normal era, as well as leveraging synergies with Mitsubishi UFJ Financial Group (MUFG) to create customers’ growth opportunities and support them to survive the economic crisis.

Mr. Pornsanong Tuchinda, Krungsri Head of Commercial Banking, said, “During the COVID-19 outbreak, Krungsri has consistently contacted and taken care of our customers, both the large corporations, and small and medium-sized enterprises or SMEs, as to learn of their real problems and provide the assistance that directly serves their needs. We have launched various relief measures, including our own and the government’s ones. The Bank has allocated the assistance into different groups of customers, for example, special debt restructuring scheme to extend debt repayment period, debt payment holiday for principal and interest, and reducing interest rates, as well as providing soft loans to SMEs under the soft loan project of the Bank of Thailand and the soft loan scheme of Government Savings Bank. The latest data showed that Krungsri has provided debt payment holiday to more than 8,800 customers, with the outstanding loans worth 200,000 million baht, and offered soft loans worth 19,000 million baht to more than 6,300 customers to help boost their liquidity.   As for the overall outlook, healthcare sector has the potential for faster recovery than other sectors due to growing health concern, especially the businesses related to hygiene and germ prevention products. Meanwhile, customers in food sector are also recovering as they have adapted new distribution channels for delivery services. On the contrary, tourism and tourism-related sectors, such as airlines and hotels, have been severely affected by the lockdown measures and would take more time to recover. Therefore, the bank will keep a close watch and provide appropriate assistance measures to these sectors.”

Krungsri’s commercial banking group has classified customers into three groups including

unaffected customers to which the Bank is ready to provide additional loansslightly or moderately affected customers to which the Bank will support by extending debt repayment period, reducing interest rates, and providing soft loansseverely affected customers to which the Bank will offer debt restructuring and provide soft loans to help them keep the businesses going and weather this difficult period.

As for the strategy of the commercial banking group in the second half of 2020, aside from providing relief measures to customers, Krungsri will emphasize on offering total financial solutions to support liquidity and risk management for customers. Despite of increased risk of economic environment, Krungsri aims to support the customers whose businesses are the backbone of the economy such as food and beverages, healthcare, and tourism and hospitality, as well as infrastructure-related industries and investments in Eastern Economic Corridor (EEC).

“Krungsri, as a Domestic Systemically Important Bank, gives the importance of economic development to create the sustainable growth in the system. The Bank has adopted digital platform to enhance efficiency in financial management, with the solutions that serve the needs of corporate customers in the New Normal era. In addition, during the COVID-19 crisis, the economic data and business information are even more essential for corporate customers. Realizing such the business needs, Krungsri continues to support customers with Krungsri Business Empowerment, knowledge-sharing and business networking activities that come into exclusive online platforms, which customers can access from anywhere.” Mr. Pornsanong added.

In the second quarter of this year, Krungsri successfully organized series of online seminars exclusively for every group of commercial banking customers. The Bank is also organizing Krungsri Virtual Business Matching, an online business matching activity to connect SMEs with large corporate customers, which will help create the business opportunities and support   the business growth of both sides. The activity is being held between 8-22 July 2020. Furthermore, Krungsri also plans to organize Krungsri-MUFG Virtual Business Matching during the end of 2020, to create growth opportunities for Krungsri’s customers. The online event is part of Krungsri’s mission to connect Thai companies with Japanese business and   ASEAN partners, underscoring Krungsri’s competitive strength and MUFG’s global network. In addition, the major annual seminar, Krungsri Business Forum 2020 – Business Under Uncertainties, will be held in late 2020, to share insight and perspectives on doing businesses under uncertain situation.

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