Wednesday, March 11, 2020
“The Commonwealth Bank recognises the uncertainty as the nation responds to the challenges posed by the coronavirus,” Mr Comyn said. “Australia has a strong and stable financial system and economy, and we recognise the important role we play to support our customers, our people, our suppliers and the economy. We are assessing the impact on our operations on a daily basis.
“Our first priority remains at all times the safety and wellbeing of our customers and people. We are taking practical precautions in line with the latest guidance from Federal and State authorities.”
Retail customers
During this period we are offering our customers various options to continue to do their banking:
We encourage our retail customers who may be facing hardship due to impacts of the virus to contact us so that we can provide them with assistance for example hardship options including deferral of loan repayments. Customers can contact our Financial Assistance team for help.
Small and medium business customers
Recognising the important role small and medium businesses play across the economy, we are:
We will continue to contact our small and medium business customers who may be facing financial difficulty to ensure they are aware of the assistance we can provide, including:
Business customers can contact their relationship manager or our dedicated Business Financial Assistance team on 13 26 07.
Paying Australian suppliers faster
As a major purchaser of goods and services, we are also committed to supporting our business partners through these times.
CBA will work to prioritise payments to our small and medium business suppliers, and look at ways to offer flexibility to those whose activities have suffered disruption due to recent events. Currently two thirds of our suppliers are on immediate payment terms, and we will continue to move more of our existing suppliers to immediate payment terms where practical.
Mr Comyn said, “Commonwealth Bank’s strong financial position means Australians can have confidence in our ability to support the economy in this period of difficulty, through to a time of recovery.”