CIBC FirstCaribbean is implementing a raft of measures to help cushion any financial hardship clients might face as a result of the COVID-19 pandemic.
In a statement, the bank said this 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.
Credit card holders would automatically benefit from a payment waiver for three months based on their current account standing. As a result, clients will see their minimum payment on their statements set to $0.00.
We are moving to mitigate the effects as best as we can"
Assistance will be rendered on a case by case basis.
Chief executive officer, Colette Delaney said the bank was "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."
She noted that the special assistance being offered was crucial to ensure confidence and stability in the regional banking sector as it weathered this difficult period.
Delaney urged CIBC FirstCaribbean clients who may be experiencing challenges to reach out to the bank to see what assistance could be offered to them.
The bank is committed to offering eligible clients six-month payment moratoriums on existing loans and mortgages, and temporary revolving or working capital financing options for corporate and business clients.