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SCB offers grace period for loan repayment to hotels hurt by virus outbreak

Jan 29. 2020
SCB president Sarut Ruttanaporn
SCB president Sarut Ruttanaporn
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Siam Commercial Bank (SCB) is offering a six-month grace period for repayment of the loan principal amount to existing customers in the hotel business as an urgent measure to help mitigate the impact on their business from the coronavirus crisis.

SCB president Sarut Ruttanaporn said on Wednesday (January 29) that after having closely observed the new coronavirus outbreak spreading to many countries, including Thailand, the SCB was deeply concerned about its impact and was prepared to fully support its clients in overcoming any challenges arising from this situation.

As an interim measure, SCB has approved urgent help to affected hotel operators in dealing with any short-term impact and to make them ready to withstand any future situations.

He added that SCB understood how the hotel and tourism segment will be impacted by the outbreak, one of the key drivers of the Thai economy. Therefore, the bank has deemed it necessary to launch emergency measures to support both big and small and medium-sized hotels nationwide to alleviate their concerns, while offering flexibility to businesses to help them deal with the situation.

Initially, the bank will help lessen short-term impact by offering a grace period of up to six months, and will closely monitor and evaluate the situation.

If the crisis prolongs, the bank said it was ready for more measures to support its customers.

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