ABN AMRO announces support measures for clients in response to impact of coronavirus
March 19 2020 - 6:48AM
ABN AMRO announces support measures for clients in response to
impact of coronavirus
ABN AMRO announces support measures for clients in
response to impact of coronavirus
In response to the impact of the coronavirus, ABN AMRO is
announcing the following support measures for its clients:
For a group of some 55,000 Commercial Banking clients with a
credit facility of up to 2.5 million euros, payment of interest and
principal will be automatically deferred for six months. Interest
and principal payments due in April through September will not be
collected from these clients; they can make these payments later.
Any business that does not need to defer payment is required to
inform the bank by 31 March 2020 at the latest. Payment will not be
deferred for these clients. The above deferral will also be
available where possible to Commercial Banking clients with a
credit facility exceeding 2.5 million euros. These clients can
contact ABN AMRO to discuss the possibilities. Two measures
are being taken for clients with a personal loan. These measures
are intended for self-employed professionals, flexible workers and
other clients affected by the coronavirus, possibly with immediate
financial consequences:1. Clients who have a mortgage with ABN
AMRO, Florius or Moneyou can request deferral of interest and
principal payments for three months. 2. A similar relief measure is
possible for clients with a consumer loan with ABN AMRO Retail
Banking and ALFAM.
This gives these businesses, self-employed people and retail
clients extra scope in their liquidity position, which is important
because the coronavirus is having an acute impact on the finances
of many clients.
Fast and efficient supportABN AMRO wants to
support its clients in a fast and efficient manner. A comfortable
liquidity position is extremely important. Businesses and the
self-employed are seeing their turnover dry up with no let-up in
costs. Kees van Dijkhuizen, CEO of ABN AMRO: “In these turbulent
times, our primary concern is public health. ABN AMRO has also
taken measures to minimise the risk of infection for employees and
clients. As a bank, we also play an important role in the economy.
The coronavirus will inevitably lead to a difficult period for our
clients – businesses, self-employed people and retail clients.
Where possible, we want to offer fast support. This will give these
clients extra scope now and the chance later to get back on their
feet quickly.”
Large government support package ABN AMRO’s
measures are in addition to a large package of measures offered by
the Dutch government. Businesses can apply for additional
government-guaranteed loans from their banks, including under the
SME credit guarantee scheme. Other parts of the government support
package also offer businesses extra liquidity.
No deferral needed? Inform the bankDeferral of
interest and principal payments is explicitly intended for
businesses that need support due to the impact of the coronavirus.
Deferral of payment will be implemented automatically for
Commercial Banking clients with a credit facility of up to 2.5
million euros. ABN AMRO is doing this to offer fast support to a
large group of businesses. Clients in this category that do not
need this support are required to inform the bank of this by 31
March at the latest. If they do not do so, payment will be
automatically deferred. Further details and conditions of this
deferral measure will soon be available on www.abnamro.nl/zakelijk.
Businesses will also be able to inform the bank on this website
that they do not need support.
Commercial Banking clientsIn principle, all
clients served by Commercial Banking and who have a credit facility
of up to 2.5 million euros are automatically eligible for deferred
payment, with the exception of a number of specific types of
financing, such as commercial finance. Loans managed by the
Settlement team of the Financial Restructuring & Recovery
department are not in scope.
A number of specific sectors are being immediately hard hit by
the coronavirus. ABN AMRO is exploring the possibilities of
offering these sectors as a whole generic support measures that
will have an effect in the very short term. Large corporates served
by Corporate & Institutional Banking (turnover in excess of 250
million euros) will be offered customised
arrangements.Personal loansClients affected by the
coronavirus who have a mortgage with ABN AMRO, Florius or Moneyou
can apply for three months’ deferral of interest and principal
payments. The same applies to clients who have a consumer loan with
ABN AMRO Retail Banking and ALFAM. Further details and the
conditions of this deferral measure will soon be available on
www.abnamro.nl/particulier. Clients can, of course, also get in
touch with their contact at the bank or at the subsidiaries
mentioned.The total loan portfolio of Commercial Banking is EUR
42.6bn (at FY 2019) of which around 30% reflects client exposures
of below < EUR 2.5m. The impact of the Corona virus on the
economy, on our clients and on the quality of our loan portfolio is
currently uncertain.
More informationInvestor Relations, Dies
Donker, +31(0)20-6282282, investorrelations@nl.abnamro.comPress
officer, Ariën Bikker, + 31(0)20-6288900,
pressrelations@nl.abnamro.com
This press release is published by ABN AMRO Bank N.V. and
contains inside information within the meaning of article 7 (1) to
(4) of Regulation (EU) No 596/2014 (Market Abuse Regulation).
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