It offered a tailor-made measure for clients, including small and medium enterprises, business banking clients and corporate clients, SCB said in a statement on Tuesday.
The bank offered a three-month payment holiday for loan against property, and mortgage loans for small and medium enterprises and business banking clients.
Business banking working capital clients will have an extension of trade facilities of up to 60 days and temporary overdraft or incremental short-term liquidity facility.
“These are extraordinary times, for Bangladesh, as the global pandemic of COVID-19, occurred at a time when our nation is at the inflection point of becoming a middle-income country and now the turn of events will pose the risk of derailing the country’s journey of prosperity,” said Naser Ezaz Bijoy, CEO of Standard Chartered Bangladesh.
“We know that more than ever, our clients with impeccable track records will need support to face this challenge.”
For corporate clients, SCB announced immediate payment holidays for 30 days with scope of further extension to be considered on a case-by-case basis. With the evolving situation, the bank will utilise the payment holiday period to assess the need for additional support, in discussion with the clients, it said.
Clients eligible for these programmes will also be exempted from penal interest and late payment charges.
Entrepreneurs will get a waiver of the credit card late payment fee, the bank said.
“Standard Chartered is implementing 9% lending rate as per central bank guidelines, this will ease the burden of the clients as well,” Bijoy said.