TBC grants '3-month grace period' for payments to customers amid coronavirus crisis
TBC Bank announced a series of contingency measures on Wednesday to try to offset the impact of the COVID-19 coronavirus on the company and its staff and customers including a “3-month grace period” for principle and interest payments.
The bank applied the measure to support customers affected financially by the coronavirus crisis and its effects which could drag on for months to come.
The bank will allow delays on principle and interest payments for all our individual and MSME customers as well as those corporate customers whose business is the most exposed in the current situation.
Despite already being a mainly digital bank with 92.7% of transactions being carried out online as of the end of 2019, TBC activated and enhanced all its channels, launched intensive communication campaigns to promote cashless transactions and active usage of our digital channels.
The bank also said that as of 29 February 2020 it had maintained strong liquidity buffers with the liquidity coverage ratio at 108.2% and net stable funding ratio at 126.8%.
It operates on capital buffers of 2.43%, 2.91%, 2.34% above minimum requirements for CET1, Tier 1 and total capital requirements, respectively.
Vakhtang Butskhrikidze, Chief Executive Officer at TBC Bank, commented: "During this time of hardship for the whole world, the TBC team is mobilized to provide full support and guidance to our customers.
“We are actively coordinating with all relevant parties in order to proactively offer all the solutions needed. Our digital support is very strong, and our customers are able to conduct all banking transactions online, without any need to visit the branch.
“The health and safety of our staff and customers remains our main priority, and we are confident that together we will get through these difficult times. "
The bank will be working closely with government recommendations and will coordinate with the NBG and other businesses.