Alliance Bank Malaysia Berhad (“Alliance Bank”) joins an array of caring banks offering assistance to clients who have been financially impacted by the 2019 novel coronavirus (2019-nCoV or COVID-19) outbreak.
“We understand that this is a difficult time for everyone, in particular the small-and-medium enterprises (SMEs), and empathise with customers affected by this challenging situation. We are committed to help alleviate our customers’ burden and ensure business continuity,” said Alliance Bank’s Group Chief Executive Officer, Mr. Joel Kornreich.
The financial relief include deferment of loan instalments or financing servicing (of principal and interest/profit), and loan restructuring and rescheduling for up to six months, as well as waiver of late charges for loans or financing.
The Bank’s insurance partner, Manulife Insurance Berhad, is providing medical coverage to all policyholders seeking treatment related to COVID-19 within Malaysia. They are also extending the payment period to 90 days for all life insurance policies for affected policyholders. Policyholders with policies issued or reinstated before 30 January 2020 will have their 30-day waiting period waived when seeking medical treatment for COVID-19.
The Bank is also offering complimentary insurance coverage to their customers when they open an Alliance SavePlus or investment account between 14 February 2020 and 13 April 2020.