The bank expects to be granting new Covid-19 loans under a loan-guarantee scheme soon
CEO of retail & business bank at Absa Group Bongiwe Gangeni. Picture: SUPPLIED
“We made it as easy as possible for clients to opt in for the relief, which comprises a debt repayment holiday of three months and which amounts to cash flow relief of R5.8bn,” Absa’s deputy CEO for retail and business banking, Bongiwe Gangeni, said. “The idea was to make it as extensive and easy as possible for consumers and businesses to apply. In instances where customers were not up to date as at February 29, they could contact us for a more bespoke solution,” Gangeni said.
“These are uncharted waters for all of us. There is no question that whether the lockdown ends now or continues, the economy is going to be impacted severely. We are continually looking at scenarios around what plays out in the economy. So we will review the measures we put on the table.Gangeni says discussions around the loan guarantee scheme are advanced and ongoing between the banks, represented by the Banking Association of SA , the Prudential Authority and the Treasury.
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