The Tribune

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

Bahamas-based commercial banks are continuing to urge clients impacted by the COVID-19 pandemic to take advantage of the financial relief initiatives they are offering.

Lasonya Missick, Royal Bank of Canada’s (RBC) managing director, and chairman of the Clearing Banks Association, told Tribune Business: “The economic impacts of COVID-19 are both immense and immediate. That is why RBC Royal Bank enabled clients to free-up their cash flow in the short-term to deal with any financial pressures they may be experiencing as a result of the ongoing pandemic.

“In The Bahamas, RBC automatically issued payment deferrals on credit facilities to all personal banking clients in good credit standing, and who were not under other relief programmes with us. However, not all clients are impacted in the same way and some have chosen, or may choose, to opt out of the automatic deferral programme and make their usual payments. We strongly encourage this for clients that do not need the temporary cash flow relief.”

Marie Rodland-Allen, CIBC FirstCaribbean International Bank (Bahamas) managing director, added: “During these challenging times, CIBC FirstCaribbean is committed to offering eligible clients flexible financial solutions, including up to six-month payment moratoriums on existing loans and mortgages, and temporary revolving or working capital financing options for our corporate banking and business banking clients.

“Our financial relief exercise has been going smoothly since the announcement of the offer back in March. As you may be aware, our deferral offer is not a blanket offer. We are offering this special assistance on a case-by-case basis for those clients adversely impacted by the COVID-19 pandemic.

“We’ve received quite a few applications to-date, and our retail, wealth management and corporate teams are working through them and contacting clients to ensure they understand exactly how the moratoria work I urge CIBC FirstCaribbean clients who may be experiencing challenges to reach out to the bank to see what assistance could be offered to them.”