RBC Royal Bank (RY on TSX and NYSE) (“RBC”) announced plans to provide financial relief to its Caribbean clients impacted by the ongoing novel coronavirus (COVID-19) global pandemic.
Effective immediately, most RBC Personal banking clients in the Caribbean will benefit from an automatic three-month payment deferral on credit facilities. Business and Corporate banking clients are also eligible for the relief program, following individual eligibility assessments with an RBC representative. Automatic payment deferrals will be applied as of March 17, 2020 and remain in effect until June 30, 2020, or until further advised.
To be eligible for the program, Personal banking or Business and Corporate banking client accounts must be current and in good standing as of March 2, 2020. Clients who are already participating in RBC relief programs for other circumstances are excluded from this program.
The relief program is intended to provide flexible solutions and help clients manage through the impacts of COVID-19, such as pay disruption; childcare disruption due to school closures; or dealing with the COVID-19 illness itself.
These measures are an important first step and underscore the resilience of the financial system and the critical role banks play in the economy. RBC will continue to monitor COVID-19 and the evolving economic conditions in each country and territory where the bank operates. RBC may consider other relief measures, if necessary.
RBC has a long history of standing by Caribbean clients through challenging times and this commitment will continue throughout this crisis and beyond.
About RBC in the Caribbean
With more than 110 years of dedicated service to the region, RBC has a presence in 17 countries and territories, with 52 branches and over 3,000 employees serving more than one million clients. As one of the Caribbean’s leading diversified financial services companies, RBC provides personal and commercial banking, wealth management, corporate and investment banking, insurance and trust and asset management services to a wide range of clients, including individuals, small businesses, general commercial entities, regional and multi-national corporations and governments. For more information, please visit rbc.com/caribbean.
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 86,000+ employees who bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada’s biggest bank, and one of the largest in the world based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our 16 million clients in Canada, the U.S. and 33 other countries. Learn more at rbc.com.
We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/community-sustainability