A total of RM56 billion in industry financing to be guaranteed by SJPP and Danajamin

KUALA LUMPUR, June 26 (Bernama) -- CIMB Bank Berhad and CIMB Islamic Bank Berhad (collectively “CIMB” or “the Bank”) are extending their COVID-19 relief programmes to include financing for SMEs and larger businesses, in support of the Government’s efforts to assist businesses during this difficult time. The Bank is pleased to work together with Syarikat Jaminan Pembiayaan Perniagaan Berhad (“SJPP”) and Danajamin Nasional Berhad (“Danajamin”) in the roll out of SJPP Government Guarantee Scheme COVID-19 (“GGS Prihatin”) and Danajamin PRIHATIN Guarantee Scheme (“DPGS”) respectively. 

The two additional programmes complement the assistance provided by CIMB to mid-sized SMEs through BNM’s Special Relief Facility (“SRF”) in the early stages of the pandemic. 

Victor Lee Meng Teck, CEO of Group Commercial Banking, CIMB Group said, “CIMB is happy to extend unwavering support to businesses, especially in these tough times. As announced by SJPP and Danajamin, a total of RM56 billion has been allocated for SMEs and larger businesses to help with liquidity, in order to sustain them during this period and hopefully promote growth while operating in the new norm. With our strong network across the country, we hope to be able to reach out to a larger pool of businesses affected by the pandemic. After a successful rollout of the SRF earlier on, we are optimistic that this additional help will ease the financial burden of these companies, and reignite their business in the face of challenges associated with restarting the economy and their recovery.”

The GGS Prihatin is open to SMEs requiring working capital and capital expenditure financing starting from RM75,000 up to RM20 million. SJPP provides an 80% guarantee coverage of up to 10 years. Applications are open until 31 December 2020 or until the scheme limit of RM6 billion is fully utilised. Malaysian SMEs in all sectors are eligible for this scheme. 

Larger businesses incorporated and based in Malaysia who have been adversely impacted by COVID-19 may find better support for their capital requirements under DPGS. A minimum financing facility of RM20 million is to be offered by a bank, with the DPGS providing a guarantee coverage of up to 80% under this facility. The tenure of guarantee coverage is up to 5 years and applications are open until 31 December 2020, or until the RM50 billion scheme is fully utilised.

Conventional or Islamic financing is available for both schemes. For more information, businesses can contact their relationship managers at CIMB, or visit any of the CIMB business centres throughout Malaysia. They can also contact the CIMB Business Call Center at 1300-888-828 (Local) or +603 2297 3000 (Overseas).

About CIMB Group 

CIMB Group is one of ASEAN’s leading universal banking groups and is Malaysia’s second largest financial services provider, by assets. It offers consumer banking, commercial banking, investment banking, Islamic banking and asset management products and services. Headquartered in Kuala Lumpur, the Group is present in all 10 ASEAN nations (Malaysia, Indonesia, Singapore, Thailand, Cambodia, Brunei, Vietnam, Myanmar, Laos and Philippines). Beyond ASEAN, the Group has market presence in China, Hong Kong, India, Korea, the US and UK. 

CIMB Group has an extensive retail branch network in ASEAN with 697 branches as at 31 March 2020. The Group’s investment banking arm is one of the largest Asia Pacific-based investment banks, offering comprehensive research coverage of around 950 stocks in the region via its CGS-CIMB joint venture. 

CIMB Group operates its business through three main brand entities, CIMB Bank, CIMB Investment Bank and CIMB Islamic. CIMB Group is also the 92.5% shareholder of Bank CIMB Niaga in Indonesia, and 94.8% shareholder of CIMB Thai in Thailand.

CIMB Group is listed on Bursa Malaysia via CIMB Group Holdings Berhad. It had a market capitalisation of approximately RM35.7 billion as at 31 March 2020. The Group has around 35,000 employees located in 15 countries. 

SOURCE: CIMB Group

FOR MORE INFORMATION, PLEASE CONTACT: 
Name: Lynn Guha Thakurta / Juanita Johari
Group Corporate Communications
CIMB Group Holdings Berhad
Email: lynn.thakurta@cimb.com / juanita.johari@cimb.com 

--BERNAMA