Mr. Rungruang Sukkirdkijpiboon, KBank President, said, "As a key mechanism in providing funding to bolster business operations and the livelihoods of Thai people, KBank prioritizes care and assistance for customers affected by multiple crises. Our focus is on retail customers and vulnerable groups reeling from economic conditions and elevated living costs, as well as SMEs which are still grappling with the impacts of an uneven economic recovery. The Bank has continuously introduced assistance measures via appropriate channels for customers, with consideration of their capabilities and opportunities for future adjustment, to ensure that those with potential can overcome volatile circumstances without interruption and move forward sustainably in the long term."
The Bank has proactively assisted customers through two measures:
- Debt relief measures for those affected by economic conditions and COVID-19: These measures include a debt moratorium and interest rate reductions. When Thailand faced the COVID-19 crisis in 2020, KBank assisted more than 1.6 million customers with these measures, which amounted to more than 428 billion Baht in financial assistance under the Bank of Thailand's guidelines. Although the number of customers under these debt relief measures has steadily declined, thanks to gradual improvement in the COVID-19 situation, the Thai economy has inevitably experienced numerous challenges during this period and therefore has yet to fully recover. KBank continues to assist these consumer segments. At the end of 2023, our comprehensive debt restructuring for customers under the Bank of Thailand's guidelines amounted to more than 186 billion Baht in loans.
- Liquidity enhancement measures for customers seeking additional loans which have been implemented since 2020 until now include:
- 2.1Zero-percent interest rate loans for 1 year to provide liquidity for SMEs facing a business slowdown, while contributing to their employee retention.
- 2.2One-percent interest rate loans for 5 years to assist tourism industry operators facing significant impacts from their business interruptions.
- 2.3Low-interest loans at a rate of 2 percent for 2-5 years for small businesses with potential, aiming to reduce their cost burden.
- 2.4Credit limit of less than 1 million Baht per person for retail customers to offer them greater access to loans and financial services in the system.
KBank is determined to provide continual support and assistance to customers. Our focus is to offer appropriate measures so that customers can weather times of crisis and keep moving forward, in both their lives and business operations. Affected customers needing assistance are welcome to contact KBank through various channels.
Source: Kasikorn Bank