There is no doubt that the strong public health measures adopted by governments against the spread of COVID-19 – including country-wide lockdowns in South Africa, many African countries and elsewhere – are urgently necessary.
As a good corporate citizen, the Standard Bank Group strongly supports these measures to preserve people’s health and lives.
It is up to all of us, individually and collectively, to do everything in our power to slow the spread of the virus, to create time for health systems to respond effectively, and to keep the social and economic damage caused by the pandemic to a minimum.
As we are being harshly reminded, pandemics create huge economic costs. We are seeing sharply reduced business and consumer confidence, reduced revenues for many types of business, and sudden and immense pressure on the prices of many assets.
As Africa’s largest financial services Group by assets, we are very much aware that we work at the centre of the economy and that it is our duty to do everything we can to help our clients to keep their businesses and their lives on track.
Our teams are ready to serve our individual, business and corporate clients as usual. While doing everything we can to keep our staff and clients safe, and to flatten the curve, we have also taken all the necessary steps to ensure that our essential services will be able to function.
The Standard Bank Group remains very well capitalised and highly liquid. As always, we continue to hold capital and maintain liquidity significantly in excess of the regulatory requirements.
If you are concerned that you are facing, or will soon face, financial distress, please contact us as soon as possible. We will do everything in our power to assist.
But since our clients are borrowers and depositors, savers and investors, people paying insurance premiums and people needing to claim, the normal credit, underwriting and general risk disciplines will continue to apply.
We cannot predict exactly what will happen in the difficult weeks that undoubtedly lie ahead. Please be sure of this: we’re rock-solid, we’re open for business, and we want to assist.
Warm regards
Sim
