NEW SOUTH WALES, Australia – The Commonwealth Bank of Australia has expressed that it is continuing the provision of supportive services to its clients amid the coronavirus pandemic.
The multinational lender affirmed that it is taking the necessary precautions in each of their branches.
In this manner, they get to safeguard the well-being of their workers and clients, according to the report of banking and mortgage broker online resource, Australian Broker News.
Moreover, the Commonwealth Bank of Australia assured its customers that all of its 900 branches would remain open for business.
For business clients, the banking institution decreased the rates on commercial loans by 25 basis points.
In some instances, this measure permits the waiving of fees. Furthermore, it allows the postponement of repayments.
The Australian bank also confirmed that it would remain open for extended hours. Besides, they relayed that they would give more resourcing for commercial lending groups.
The bank’s management is taking this action in their desire to guarantee quicker decision times.
Another step that the Commonwealth Bank of Australia has taken is making the processing of home loan applications efficient and fast.
Retail clients of the bank that the spread of the coronavirus has impacted can talk to the lender’s staff regarding the choices available for them.
The bank said that they want to encourage mortgage-holding clients to avail loan repayment deferrals.
This measure would mitigate their customers’ difficulties due to the pandemic.
Matt Comyn confirmed that they are evaluating the effects of the spread of the disease, also known as COVID-19 on their operations daily.
Besides, he pointed out that the bank has a robust financial position.
This fact translates to Australian consumers possessing confidence in the lender’s capability to back the economy during these uncertain times through the recovery period, Comyn said.
The chief executive officer of the Commonwealth Bank of Australia also affirmed that Australia possesses a formidable and stable economy and financial system.
He cited that they at the lending institution recognize the significant part that they play to support the economy, their suppliers, employees, and consumers.
In Australia, significant and second-tier banking institutions alike have been proclaiming new steps to assist their clients through this challenging time.
They have instituted various responses to the coronavirus pandemic.
Similar to the Commonwealth Bank of Australia, some financial firms are adopting more flexible loan policies.
These services comprise the switching of principal and interest to interest only, payment deferrals, and fee waivers.
Among these banking institutions is Suncorp Bank, a financial services provider in Australia.
Its chief executive officer, Lee Hatton, expressed that they comprehend that today’s time is undoubtedly difficult and unpredictable for their retail and business clients.
In any affected sectors and communities, she stated that they desire their consumers to feel confident that help is available.
Also, Hatton mentioned that Suncorp Bank is ready to give their business and retail customers the backing they need.
Aside from the domestic financial services providers in Australia, central banks around the world have also taken fast action to aid and financially back their citizens.
They are responding swiftly to the economic repercussions of the COVID-19 pandemic.
These financial institutions are also mindful of the multinational advisory company KPMG’s report released this week.
They cited that it could take the economy of Australia for almost ten years to recover.
This observation is despite the Commonwealth Government’s $17.6-billion emergency stimulus plan released last week.