Bangkok Bank joined the BOT’s "DR BIZ” project to increase financial partnerships and Thai business stability. The project kicked off on September 1, 2020 and aims to increase efficiency, reduce redundancy, and provide benefits to customers. The Bank is closely monitoring business customers with credit limits of 50-500 million baht to provide them with assistance and supportive measures to help in any situation. The Bank is ready to be a “trusted partner” to help customers get through the crisis.
Bangkok Bank Senior Executive Vice President Suvarn Thansathit said that the BOT has launched the “DR BIZ” project to assist business debtors with many creditors among financial institutions to receive debt relief through an integrated mechanism among all financial institutions for debt management. As one of the financial institutions participating in this project, Bangkok Bank is ready to facilitate and assist business customers through this project from September 1, 2020 onwards.
Regarding the supportive measures under this program, banks and financial institutions participating in the project have the following tools and guidelines:
- Debt Restructuring – Mitigate the current debt burden of each debtor, such as by reducing installments, extending the repayment period and/or adjusting the debt payment conditions to fit with the debtor’s business situation, and setting an appropriate grace period and repayment period with a review of the remaining credit limit.
- New Loans – Financial institutions may jointly consider making new loans to potential debtors with a clear business plan, the intention of doing business, and good repayment behavior so their businesses can move forward.
This project illustrates how financial institutions and regulators can work together to help customers solve their problems quickly and comprehensively. It is a practical way to solve problems and will reduces redundant documentation and negotiations, resulting in a quick mutual settlement between all financial institutions. Financial institutions can also consider providing additional assistance to customers if they see that they have a clear plan to solve their problems and the potential to do so. Customers will have more options while financial institutions can manage their debt more effectively, providing a solution that is beneficial for all parties.
To participate in the “DR BIZ” project", you must be a business customer with a credit line with Bangkok Bank or other financial institution of 50-500 million baht. Eligible customers can contact their business relationship officer, contact a bank branch nationwide, or call Bualuang Phone 1333 or 0 2645 5555. You can join the project from September 1, 2020 - December 31, 2021.
The Bank is closely monitoring the situation of all customer groups. If the Bank considers that a customer may need supportive measures, the Bank’s staff will immediately contact them to provide them with assistance and advice so that they can adjust their installment plan in line with their income and manage their financial structure to suit their business situation.
“Bangkok Bank is ready to take care of customers and help all groups of entrepreneurs, especially SMEs, with a variety of supportive measures. We emphasize SMEs as they play an important role in the Thai economy and are the main source of employment. Since they often have limited capital they may be badly affected by the economic situation. As a “trusted partner”, Bangkok Bank is ready to help customers get through this situation safely,” said Mr. Suvarn.