FAB implements support measures for its stakeholders in response to COVID-19
Abu Dhabi, 19 March 2020: First Abu Dhabi Bank (FAB), the UAE’s largest bank and one of the world’s largest and safest financial institutions, is implementing a series of additional financial relief measures to support customers during the current COVID-19 novel coronavirus outbreak. Initiatives cover; business, individual and Islamic banking customers, and include relief on repayments and fees across a wide range of the bank’s products, effective 1 April 2020.
For individual customers who are directly impacted by the COVID 19 outbreak, FAB will defer payments for mortgages, personal loans and auto loans for between 1 – 3 months. Parents will also receive loans for school fee financing at 0% interest. First-time property buyers using FAB mortgage loans will benefit from a 5% reduction in down payment.
FAB and Dubai First Credit card customers will benefit from a 50% reduction on late payment fees, and from instalment programs without service fees for tuition and utility bill payments.In addition, credit card holders will also be offered a waiver of FX fees on canceled hotel and airline bookings in foreign currencies.
All customers can also expect to benefit from relief on account fees. The bank will also continue working via its Employee Banking relationships to support all customers’ needs as required.
For SME customers, FAB will defer up to three months of instalments for all loan types. The bank is already proactively working with all customers to ascertain the COVID-19 impact on their cash flows, to provide further support in loan restructuring or deferment. No loan deferments fees will be charged. FAB is offering SMEs special re-payment restructuring of working capital facilities, to ease current cash flow disruptions and help sustain their business operations.
The Bank will continue to grant loans to all customers based on the existing policies and will support them by offering up to three months of grace period for the first instalment with lower pricing. The Bank will also reimburse 50% of the monthly fees on Point of Sale loan (POS) service charges for SME micro and small merchants. Furthermore, fees for loans under the Ghadan 21 initiative have been reduced. FAB is also reducing or suspending a wide range of fees to help businesses manage their accounts.
FAB is committed to supporting its clients and business partners as the situation with the COVID-19 coronavirus outbreak evolves. We would like to reassure our Corporate and Investment Banking clients that we have a series of robust measures and policies in place to ensure business continuity, and to provide uninterrupted services. Our mobile and online banking solutions continue to be available to you at any time. We understand that the COVID-19 virus may impact our clients’ businesses, therefore we encourage clients to contact their Relationship Manager to discuss any concerns they might have, and potential options and solutions.
André Sayegh, Group Chief Executive Officer, First Abu Dhabi Bank (FAB), said: “FAB is committed to helping our customers navigate the many different financial challenges being created by the global COVID-19 outbreak. We have taken a series of concrete and practical measures to support our individual, small business and corporate customers over the coming weeks and months as they adjust to the current situation. These build on the comprehensive package of economic measures taken by the authorities in the UAE and Abu Dhabi to mitigate the effects of COVID-19. We are closely monitoring the evolving situation and will continue to respond as necessary to serve the interests of our customers, employees and in the communities where we operate.”
FAB’s financial relief initiatives are the latest in a series of clear and decisive actions to safeguard the wellbeing of customers and employees during the COVID-19 outbreak.
FAB has introduced a series of precautionary measures to protect its stakeholders, including issuing advice encouraging customers to use online or mobile banking services in place of visiting their branch. FAB has also introduced a programme to reduce opening hours of branches and temporarily suspend operation of some cash offices as customers move away from face-to-face customer service. Where necessary, branch employees will help customers set up their online banking or the FAB mobile App.For service updates, please visit: https://www.bankfab.com/en-ae/updates