The National Bank of Bahrain (NBB) has announced that it is has extended its support to its Commercial and SME customers impacted by the current market situation, through offering relief solutions and advisory services to help ease their financial burden during these difficult times.
To-date, NBB has proactively implemented a series of measures to assist its Commercial and SME customers and help minimise the impact on their businesses. These measures include deferment of loan installments and reversal of installments deducted during the month of March. Furthermore, NBB has also deferred all monthly due payments for corporate credit card holders. All deferments extended to customers are without any additional fees or interest on interest.
NBB has reduced interest rates for pharmaceutical industries, for a period of time, to enable them import drugs and medication that are required to battle the pandemic of COVID-19.
NBB has taken proactive measures to maintain business continuity by ensuring that all day to day transactions remain available to customers. To minimise risk by contact exposure, NBB is in the process of issuing cash deposit cards to its cash depositors at no cost. Cash deposit cards can be used across Bahrain through dedicated cash deposit machines (CDM) installed in 12 NBB locations; 5 of which are accessible 24/7.
Relationship Managers remain available to attend to all their customers’ needs throughout the day and are continuously engaging virtually with customers to consult on suitable support measures.
Commenting on these initiatives, Arif Janahi – Head of Commercial and SMEs at NBB stated, “As the National Bank of Bahrain, we are continuously committed to extend a helping hand during these testing times to those customers impacted the most. We are proactively engaging with all our customers to understand their challenges and provide necessary advisory and support solutions. We are committed to continue to implement additional measures to alleviate our customers’ financial strains during these difficult periods. Our crisis committees are closely monitoring the situation, and we are taking every step necessary to ensure our daily operations continue to run smoothly so that our customers receive optimum services and support for their financial requirements during this time.”
NBB is urging its customers to take full advantage of the Bank’s Business Online Banking Portal; where customers can easily and conveniently execute multiple transactions and have full access to all statements and reports required for day to day business and record keeping.