Sberbank launches support program for corporate customers
- Support program to apply to customers from industries most affected by pandemic
- Industries to enjoy support include transportation, hotels and retail real estate, services, manufacturing of building materials, retail and wholesale trade in certain goods, education, sports, operations of culture and art institutions
March 25, 2020, Moscow — Sberbank has designed a program to support the borrowers from industry sectors that have been affected by the coronavirus pandemic the most. It will embrace eight industries and their segments, such as transportation, hotels and retail real estate, services, manufacturing of building materials, retail and wholesale trade in certain goods, education, sports, operations of culture and art institutions. The bank’s program is expected to let stakeholders act on their decisions fast and support the borrowers in the shortest time possible.
Sberbank keeps working on additional measures to support its customers. In doing that, the bank will honor the decisions the Russian President has announced today.
Herman Gref, CEO, Chairman of the Executive Board, Sberbank:
“Understanding the current situation and its complexity, the bank is ready to support the customers who have faced business issues amid the coronavirus pandemic. For some industries, the program covers the deferral of 2Q20 payments up to October 1, 2020. As for the hotel and retail real estate customers, which are hit by the pandemic the most, their fees will be frozen until their loan agreements expire. Shortly, we will tailor additional customer support measures in close cooperation with the government and the Central Bank of Russia to abide by the decisions the President of Russia has announced today.”
The bank will evaluate the real drop in utilization and revenue registered by the customers operating across the aforementioned industries, tenants’ requests for holidays and the closing of some areas in shopping malls, and cancellation of reservations across the facilities the bank finances and is ready to restructure their loans. Each case of debt restructuring will be treated individually depending on how the current situation affects the borrower. For example, if the operations of a borrower or its key counterparties get suspended or restricted. The program outlines loan deferrals, including both principal and interest.