Standard Bank Group Continues To Assist Customers

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Standard Bank Group, Africa’s largest bank by assets, has provided more than R133bn of debt relief to customers as part of its ongoing efforts to mitigate the impact of the Covid-19 pandemic on society.

 

The group recognises that Covid-19 is a health and economic crisis unlike anything we have witnessed in our lifetime and is therefore taking extraordinary measures to assist customers and society at large.

 

In Personal and Business Banking (PBB), Standard Bank has implemented a number of instalment relief measures, fee waivers and restructures. By the end of May, Standard Bank’s PBB business in South Africa had provided R92 billion in relief to individuals and business clients across 285,000 accounts. 

 

In other African markets, Standard Bank’s PBB division had provided debt relief worth R11 billion by the end of May.

 

Moreover, the group had concluded restructures for eligible Corporate and Investment Banking (CIB) clients – mostly in South Africa – with risk exposures amounting to about R30 billion.

 

In addition, the bank has supported several private and government-driven initiatives. These include the R200bn SME Covid-19 Guarantee loan scheme, the payment of SASSA grants, reduced ATM fees, support of the payment of the special grant through our Instant Money solution, the distribution of South African Future Trust loans and reductions in cash and acquiring fees. 

 

The SME Guarantee loan scheme was launched in mid-May and Standard Bank has already received strong interest from customers. The bank is making disbursements to those who qualify and who meet its credit requirements. 

 

The group is taking steps to assist in broader societal relief efforts. For instance, Standard Bank Group has donated more than R40 million across South Africa and Africa Regions towards NGOs and to fund medical equipment and personal protective equipment.  

Standard Bank has also helped employees to contribute to relief efforts via a rand-for-rand matching programme that was launched for employees in late March. Significant contributions have been made to date.

Standard Bank Group remains committed to the markets in which it operates, and to fulfilling its purpose of driving Africa’s growth and uplifting society. The group will continue to support customers, employees, authorities and communities as we collectively tackle the crisis

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