KBank launching“Generous (Business) Owners-Empathetic Creditor”

         ​​​​​​​KASIKORNBANK (KBank) has teamed with two large hotel chains, Katathani Collection of Resorts and Kata Group Resorts, in launching the “Generous (Business) Owners - Empathetic Creditor” initiative to help low-income workers remain employed and reduce their debt burdens amid the present economic crisis. A total of 127 entrepreneurs in Phuket qualify for this program, which involves credit lifelines of 100 million Baht that are earmarked for 3,000 employees for a period of six months. The program will be expanded to other provinces with a target of around 500 million Baht in budget for 15,000 employees.

           Mr. Banthoon Lamsam, KBank Chairman Emeritus, noted that the COVID-19 pandemic has crippled the Thai economy, and nobody has been spared from this unprecedented crisis, whether they are business owners, employees or the general public. We all can pass this difficult time by being united and helping one another. The “Generous (Business) Owners - Empathetic Creditor” program has thus been conceived with the aim of aiding low-income employees to stay afloat amidst the ongoing economic malaise. This initiative represents a cooperative effort between KBank and business operators to cut interest rates and provide funding sources in order to keep businesses running so that employees will not lose their jobs, allowing them to earn income and shoulder a reduced burden.         
         Two major hotel chains in Phuket taking part in this pilot project, i.e., Katathani Collection of Resorts and Kata Group Resorts, have been hard-hit by the COVID-19 pandemic. These companies, however, have assumed the responsibility of caring for all of their employees by neither laying them off nor asking them to take unpaid leave. There are 127 entrepreneurs in Phuket that can participate in this project. KBank aims to assist 3,000 employees in Phuket over a six-month period via a financial assistance scheme worth approximately 100 million Baht. 

          Mr. Sombat Atiset, President and CEO of Katathani Collection of Resorts, said, “There was an opportunity in every past crisis. The private sector is stronger than ever because it has learned from crises. The present COVID-19 crisis has affected the lives and livelihoods of people around the world. Virtually all countries are entering an era of change, forcing them to adjust public health, medical education and public administration policies to be prepared for crises that may occur again at any time in the future. This crisis presents a good opportunity for Thais from all walks of life to discard the same old thinking and lifestyles in order to cope with change.”    

           Mr. Pramookpisitt Achariyachai, President of Kata Group Resorts, said employees are valuable assets of all businesses, and for him, layoffs have never come to mind. In normal circumstances, employees take part in creating wealth for the business, and during difficult times, all must fight together. If the employer lends them a hand, they will have greater enthusiasm, commitment and engagement after the business reopens. He advised that all organizations should endeavor to maintain their employees, while also providing them necessary assistance. At present, there is only one bank, i.e., KASIKORNBANK, which recognizes the importance of employees, and it is deemed a remarkable virtue of the Bank’s management.

            KBank will invite business owners to participate in this financial assistance program with details as follows:
​Assistance measures for businesses   
​Assistance measures for employees   
Original credit line
  • Reduction of interest for 6 months
  • Suspension of principal and interest payment for 6 mont​hs
New credit line for boosting liquidity and aiding employees
  • Soft loan

K-Credit Card and Xpress Cash
  • Reduction of interest by 6% until September 2020
  • Suspension of principal payment until December 2020
X-press Cash
  • Reduction of interest by 6% until September 2020
  • Suspension of principal and interest payment for 3 months
K-Home Loan
  • Suspension of principal and interest payment for 6 months
KLeasing auto loan
  • Suspension of principal and interest payment for 6 months
          Mr. Banthoon Lamsam, KBank Chairman Emeritus, said that KBank expects the assistance provided via this project will be able to help employees weather this crisis, and the Bank intends to replicate the success of this project in other provinces.