Home Business news Standard Chartered bank to review Sh8bn worth of customer loans

Standard Chartered bank to review Sh8bn worth of customer loans

Standard Chartered Bank customers have a reason to smile after the lender announced restructuring of loans worth Sh8 billion.

According to Standard Chartered Bank’s Chief Executive Officer Kariuki Ngari, the decision is solely aimed at cushioning its customers from the economic effects of the coronavirus pandemic.

Mr Ngari said the company’s key priorities at this time when the country is battling COVID-19, is “protecting its staff, and supporting customers” from the effects of the virus.

“As a bank, we believe we have two priorities during this pandemic, protecting our staff, and supporting our clients and communities,” said Mr Ngari.

The bank has already waived digital transaction fees amounting to Sh5 million, a move that has seen many customers opt to cashless transactions, minimizing chances of spread of coronavirus.

The bank has also committed to giving up to $1 billion to support companies venturing into the manufacture of personal protective equipment as a measure to fight the spread of the novel coronavirus.

The CEO stressed that the bank is and will always be committed to support the fight against coronavirus by giving ‘unrestricted’ access to funding for both their clients and frontline health workers.

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