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Media: The Edge Markets


Section: News 

CIMB Group Holdings Bhd has announced that it will be providing financial obligation payment relief to assist individual and business customers in communities that have been affected by the recent floods across Malaysia. At the same time, the group has, through its corporate social responsibility (CSR) arm CIMB Foundation, committed RM2 million towards providing on-ground community assistance for flood victims as well as recovery support post-floods.


Under the CIMB Flood Relief Assistance Plan, CIMB Bank Bhd and CIMB Islamic Bank Bhd will provide a six-month payment relief on loan and financing products for individual and small medium enterprise (SME)/business customers who have been impacted by the flood to help alleviate their financial burden. For individual and SME customers, CIMB said that the process has been simplified as they only need to provide basic information to apply. 


In addition, late charges and fees for impacted customers will be waived. For affected SME customers that need additional cash flow assistance on top of the payment relief, CIMB said that it is also offering a disaster relief facility of up to RM500,000 at a preferential financing rate.


CIMB noted that charges would be waived for credit/debit card replacements, statement requests or replacements of damaged passbooks and bankers' cheques, and that it will also work closely with its insurance partners to expedite the processing of insurance claims due to the floods in affected areas.


 Meanwhile, CIMB’s on-ground CSR assistance will be mobilised by CIMB Foundation in collaboration with partner non-governmental organisations. According to CIMB, the group’s RM2 million flood aid commitment is part of the collective flood relief effort along with other member organisations under the government-linked companies (GLC)/government-linked investment companies (GLIC) disaster response network (GDRN).


“We hope our efforts will help to ease the additional financial burden experienced by flood victims, and subsequently provide much-needed funds to help the affected communities to rebuild their lives and livelihoods. 


The increasing frequency of extreme weather events such as these also highlight the urgency of the sustainability agenda, particularly in addressing climate change,” CIMB Group Chairperson and Independent Director Datuk Mohd Nasir Ahmad said in a statement on Monday (December 20).



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