More than 63,200 LPBank customers in flood-affected areas will receive support to reduce loan interest rates.

Loc Phat Vietnam Commercial Joint Stock Bank (LPBank) has just launched a preferential loan package worth up to VND 8,000 billion for new customers, while supporting existing customers by reducing lending interest rates by up to 2%, to help people rebuild and restore production and business after storms and floods. This is considered one of the pioneering banks in implementing practical support packages for people and businesses in areas facing difficulties after natural disasters. Practical and timely solutions As a bank with a network of more than 1,200 transaction points spanning across 63 provinces/cities, covering remote areas with agricultural and rural areas that are sensitive to risks and natural disasters. Immediately after super typhoon Yagi made landfall in Vietnam , LPBank's Board of Directors directed branches and transaction offices in areas affected by the storm to proactively contact loan customers, grasp the damage situation to promptly have appropriate support solutions. LPBank representative said that during the storm and the flood circulation after the storm, the Bank continuously followed and updated information from Branches and Transaction Offices in localities directly affected by the storm to assess the level of damage to customers. "The Bank considers this an urgent task that needs to be prioritized, assessing each customer case to have a plan to restructure debt, extend debt, reduce loan interest rates, ... deploy credit packages with reasonable scale to accompany people and businesses to recover after the storm", Mr. Ho Nam Tien, General Director of LPBank shared.

From now until December 31, 2024, LPBank will implement a program to reduce loan interest rates by up to 2%/year, extend the interest and principal payment period for existing customers in Hanoi and the northern provinces affected by storms and floods.

Accompanying customers in the most difficult times In order to accompany and support customers in areas affected by the storm and quickly overcome the consequences, from now until December 31, 2024, LPBank will implement a program to reduce loan interest rates by up to 2%/year. At the same time, the Bank also plans to restructure debt and extend the payment period of interest and principal for existing customers in Hanoi and the northern provinces affected by storms and floods.

LPBank Trade Union Executive Committee launched and called on employees of the entire system to support people affected by storms and floods.

LPBank will reduce lending interest rates with a total outstanding loan balance of up to VND 29,700 billion. It is expected that more than 63,200 customers in 26 provinces/cities directly affected by the storm will benefit from this program. For new customers, LPBank also applies necessary support policies with a loan package of up to VND 8,000 billion, with diverse lending purposes such as repairing business premises, lending for working capital to restore production and business, lending for home construction and repair, interior decoration, consumer loans for life, etc. The total amount of support for reducing lending interest rates is expected to be up to VND 85 billion. At the same time, LPBank also supports a variety of credit forms such as loans, overdrafts, guarantees, credit cards, etc. to help people flexibly use capital according to their needs. LPBank hopes that these support packages will create conditions for people to access good capital sources to rebuild their lives after the storms and floods. In addition, through its branches and transaction offices, LPBank also urgently established working groups to go to the field, visit and encourage customers, assess the level of impact, debt repayment capacity... to have timely support solutions for customers in some areas that suffered great damage from storms and floods in the East and Northwest regions such as: Hai Phong, Quang Ninh, Thai Nguyen, Tuyen Quang, Bac Can, Lang Son, Yen Bai, Lao Cai, Son La, Lai Chau... to soon restore and stabilize business operations.

The Board of Directors and staff of the entire LPBank system participated in donating one day's salary to support people affected by storms and floods.

In the spirit of mutual love, LPBank previously donated 2 billion VND to support people affected by the storm through the Vietnam Fatherland Front Committee... Along with that, the Executive Committee of LPBank's Trade Union also organized a call and encouraged each officer, employee and worker to donate and support one day's salary. As of September 13, the total amount of registered donations from LPBank union members across the system reached more than 4.5 billion VND with the desire to share and ease the pain for people and colleagues. In the coming time, LPBank will continue to carry out many activities to join hands to support people in flood-affected areas, demonstrating its commitment to responsibility to the community, contributing to spreading humane values, and overcoming difficulties together.

K.Oanh