Citi Singapore to support industry-wide relief programme

The bank also launched relief measures to support its clients.

Citi will offer clients an option to defer payments on mortgage loans and to convert unsecured balances into a low-cost term loan, according to an announcement, in view of the industry-led financial relief programme.

The initiative aims to lessen the existing debt burden of those affected by COVID-19.

The bank has also launched a series of measures to support retail, small and medium enterprises (SMEs), and institutional clients, such as interest and fees waivers, tenure extensions, alternative settlement arrangements, option to restructure borrowing and trade credit facilities, extension of liquidity, and loan payment reduction.

In addition, Citi has been investing in infrastructure that will allow clients to digitise their interface with the bank.

The company expressed that it will continue to closely monitor the situation and implement further necessary relief measures.