Republic Bank’s COVID-19 updates

St. George’s Grenada, Wednesday, April 1, 2020: Republic Financial Holdings Limited (RFHL) has announced that the Republic Group will be making a contribution of the equivalent of US$2 million, collectively, across all of the territories in which it operates, namely, Trinidad and Tobago, Grenada, Guyana, Barbados, Ghana, Suriname, Cayman Islands, St. Lucia, St. Vincent & the Grenadines, St. Kitts & Nevis, St. Maarten, Anguilla and Dominica.

In Grenada, the Group’s relief effort will be led by Keith Johnson, Managing Director. An amount of EC$270 thousand of the Group’s contribution has been earmarked for Grenada, and the Bank is prepared to collaborate with the Government of Grenada and other stakeholders to provide support on multiple fronts, from assisting the most vulnerable in our society to those on the frontlines, especially our healthcare workers. Doing good is an essential part of who we are as an organisation and we are ready to help.”

Managing Director Keith Johnson remarked that “we in Grenada could never have anticipated a crisis such as this; and what makes it worse is that our regional neighbours are facing the same crisis that we face, indeed the entire world. There is much that needs to be done and as good corporate citizens we must join with the efforts of the Government in dealing with this unprecedented crisis. We trust that our contribution will not only assist in reducing the number of cases and assist with vital equipment and services but would also inspire generous contributions by others in the corporate community.”

The Republic Group’s response to the societal impact of the COVID-19 outbreak is being coordinated under the umbrella of its social investment vehicle, the Power to Make A Difference programme. In keeping with the programme’s focus on building successful societies and sustainability, the Group’s support will be targeted at addressing both long-term rebuilding efforts and the immediate requirements in the fight against COVID-19. These immediate requirements include the purchase and provision of critical needs such as ventilators, personal protective equipment, testing kits, food and supplies for health care workers as well as supporting the dissemination of official COVID-19 related information.

The Group’s pledge of funds to support the fight against COVID-19 is just one element of the multipronged approach it has adopted in response to the pandemic. The Group has already taken numerous steps to safeguard the well-being of their customers and staff, while ensuring the provision of essential banking services. It has also reached out to its customers to provide cash flow relief to those affected by the disruption brought about by the COVID-19 pandemic.

The Group’s President & CEO, Nigel Baptiste, explained “The full extent of the human tragedy that is unfolding before our eyes is epochal. While the Group is committed to helping our clients survive the economic impact, there is so much more that is needed to be done at the society level. No country is immune from this virus and given our preference for open economies, we all must be interested in what happens elsewhere. Management of this virus requires global collective responsibility.”

The Republic Group recognises the dynamic nature of this situation and remains committed to a continuous assessment of its responses to ensure that the best interests of its customers, staff and communities are served.

In response to the anticipated economic and social fallout as a result of the COVID-19 pandemic, Republic Bank recognizes that we have a collective responsibility to ensure the sustainability of the business community, our employees, our customers and ultimately, our country.

In this regard, we seek to bolster our support for all our valued customers by introducing the following measures which will alleviate financial hardship.

• Moratorium on all loans, including mortgages and student loans for up to 6 months, will be available.
• Debt restructuring will be considered on a case by case basis
• Temporary increase of overdraft and credit card limits on a case by case basis
• Automatic waivers for the next 6 months on:
  • Credit Card – late fees and over limit fees effective March 20, 2020
  • Overdrawn account fees
  • Late fees on loan repayments
  • Penalties for early withdrawal of Certificate of Deposit accounts

• Moratorium on all loans for up to 6 months will be made available upon request
• Debt restructuring will be considered on case by case basis
• Temporary increase of overdraft and credit card limits on a case by case basis
• Reduction in Merchant Commission of up to 1%
• Automatic waivers:
  • Credit Card – late fees and over limit fees effective March 2020
  • Overdrawn account fees
  • Late fees on loan repayments
  • Penalties for early withdrawal of Certificate of Deposit accounts

The above measures will be for a period of six months initially. Their continuance will be reviewed thereafter.

To be eligible for the Moratorium and Automatic Waivers, customers must be in good standing with the Bank. Customers wishing to opt out of the moratorium are asked to contact our Customer Care Unit on telephone number 437 2273 or email customercare@republicgrenada.com.

As we all work together to overcome these challenging times, Republic Bank continues to advise its customers to limit the number of in-branch visits and utilize its digital and electronic banking channels. Customers are also encouraged to contact their Home branch regarding any other query or challenge that may be faced.

At Republic Bank your health and well-being, and that of our staff and communities, are always our main priority. In light of the current COVID-19 pandemic, we assure you that we remain committed to providing the banking services you need in the safest environments possible.

Effective March 25, 2020, we will be implementing several changes to its branch operations to safeguard the well-being of its clients and staff amid ongoing Covid-19 concerns. These changes are as follows:

Priority Banking for the elderly, differently abled, essential services employees and public assistance clients

From March 25 to April 3, 2020, the first hour of each day will be solely dedicated to providing banking services to the elderly, differently abled and public assistance clients.

Outside of that first hour, the elderly and differently abled clients will also be provided with a dedicated teller access and will be afforded preferential service to ensure an accelerated turnaround time.

Following the guidelines outlined by the Ministry of Health and the World Health Organization, we have increased the sanitization of all high-traffic touch points at our branches.

As we each do our part in limiting the spread of the Covid-19 virus and in line with the urgings of the authorities around social distancing we request that customers consider minimizing their visits to the bank’s branches where possible by:

• Utilizing the Bank’s digital and electronic channels
  • RepublicOnline
  • RepublicMobile
  • ATMs
• Using your debit and credit cards at Point-of-Sale terminals instead of cash
• Avoiding banking halls if you have flu-like symptoms, contact us at 437 2273 to find out how we may facilitate your banking needs via telephone
• Postponing transactions if not critical

We encourage you to continue to observe the recommended hygienic practices to help prevent the spread of the virus; and to be mindful of those who may be more vulnerable around you. By observing these practices, you can help protect yourself, your family and your community.

Thank you for your understanding.

Sincerely,
Keith A. Johnson
Managing Director

Please also see this notice from Grenada Bankers Association.