Garanti BBVA is offering more flexibility to mitigate the economic effects of coronavirus
BBVA's Turkish franchise is launching new measures to protect the health of employees, customers and society, while tackling the possible economic challenges generated in Turkey by coronavirus.
Garanti BBVA already announced its initial measures last week, including increasing the daily limit on ATM cash withdrawals from 2,000 to 5,000 Turkish lira and no fees for withdrawals from other banks’ ATMs. In terms of the bank’s fees and commissions, help will be provided for customers with financial problems on a case by case basis.
The bank also announced the possibility of delaying loan and interest payments until June 30, 2020 at no charge for customers. In addition to delaying the payment of consumer loans, Garanti BBVA will offer benefits for credit card payments.
For the corporate sector, Garanti BBVA has extended commercial credit payments by up to six months. The debt will subsequently be restructured depending on each company’s cash flow. In terms of SMEs and micro enterprises, new lines of credit are foreseen if needed so that they can meet their financial obligations. Furthermore, the bank will offer flexibility in suppliers’ financing limits in order to support SMEs’ cash flows.
The bank will also provide necessary support for sectors affected the most by coronavirus and the institutions, companies and sectors with grace periods for the payment of their financial obligations.
Garanti BBVA has also adapted its infrastructure and teams so that most of the banks’ workers can work from home. And starting this week, branch hours will be from 12:00PM to 5:00PM.