CIBC FirstCaribbean, like other local banks, is offering its clients special assistance in light of COVID-19 on a case-by-case basis, according to a statement released by the bank.
CIBC said it is committed to working with its clients, in its retail, business banking, wealth management and its corporate banking segments, as the economic fallout from the novel coronavirus rears its head.
“This [assistance] could include deferred payments; special loan financing and other concessions aimed at helping clients cushion the financial impact of the pandemic on households and business across the region,” the statement said.
The bank’s Chief Executive Officer Colette Delaney said CIBC is “very conscious of the financial dislocation which the ongoing COVID-19 event will have on our clients across all segments of our business and we are moving to mitigate the effects as best as we can”.
On Wednesday, RBC announced similar measures to assist its clients.
Delaney said this special assistance is crucial to ensure confidence and stability throughout the region.
In the statement, she urged CIBC clients facing challenges to contact their bank in order to find out what kind of assistance they are eligible for.
According to the statement, CIBC is offering six-month payment moratoriums on existing loans and mortgages; and temporary revolving or working capital financing options for corporate banking and business banking clients.
The statement said retail and business banking clients should contact the customer care and sales center or branch directly; their relationship manager for platinum banking; or their business banking manager. The statement urged corporate and investment banking clients to contact their relationship management team directly, while wealth management clients are to contact their relationship management team to discuss their specific needs.
The bank has even set up a special coronavirus website link for its clients.
“The bank’s clients can also make contact via email,” the statement said.
“There’s a list of email addresses on the bank’s website at https://www.cibcfcib.com/covid-19.”