KBank helps ease financial burdens of more than 380,000 customers

          The COVID-19 pandemic has sent shockwaves through the entire Thai economy. Amid the deteriorating liquidity of both Thai businesses and households, KASIKORNBANK (KBank) has launched a number of assistance measures under the “Stronger Together” program to ease its customers’ financial burdens so that they can weather this crisis. To date, KBank has provided financial support amounting to more than 393,906 million Baht to 80,229 business customers, and 186,850 million Baht to 297,800 retail clients.


​          Mr. Predee Daochai, KBank President, said that KBank has closely monitored loan portfolios of both business and retail customers. Since February, KBank has implemented various relief measures to assist clients impacted by COVID-19. These measures include reduction of monthly installment payment, a moratorium on principal payment, suspension of both principal and interest payment, as well as granting of new loans to bolster liquidity for business customers via the soft loan scheme of the Government Savings Bank and the Bank of Thailand. The assistance measures for crisis-hit customers can be summarized as follows:
  1. KBank has offered financial assistance worth more than 393,906 million Baht to a total of 80,229 business customers, most being SME entrepreneurs.
  2. ​​​KBank has provided financial assistance amounting to 186,850 million Baht to a total of 297,800 retail customers. This customer segment chiefly comprises home loan, secured loan and credit card loan customers.
3. ​In addition, KBank has offered SME customers new loans to bolster their liquidity under the soft loan scheme of the
    Government Savings Bank and the Bank of Thailand. A total of 21,000 SME customers are under this program with total
    loan amount of around 42,000 million Baht. Of that number, 34,000 million Baht is guaranteed by the Thai Credit
    Guarantee Corporation (TCG), and 8,000 million Baht is unsecured loans (as of May 18, 2020).
          Additionally, KBank has implemented two programs to help small businesses retain their low-level staff and keep their businesses afloat through this crisis. They include the “Generous (Business) Owners – Empathetic Creditor” initiative wherein KBank cuts interest rates for business owners to allow them to pay their employees’ salaries more easily – a cooperative effort that is equivalent to the Bank shouldering half of the total due amount in salary; and the “Zero Interest-rate Loan to Retain SME Customers” initiative which helps small SMEs keep employees on their payroll, through a zero interest-rate loan with a 10-year loan term, no fees and a 1-year grace period of principal repayment. These two programs are expected to help businesses retain their staff, saving up to 56,000 jobs.
          Mr. Predee said the Bank will continue in its efforts to provide crisis-hit customers the utmost assistance, and to give businesses the support they need in resuming normal operations once the COVID-19 situation subsides.