Westpac Banking (ASX:WBC, NZE:WBC) said it is offering financial support, including suspension of loan payments to business and consumer customers impacted by storms and flooding across the North Island in New Zealand, according to a Thursday statement by the bank.
For business and agriculture customers, support options include suspension of principal payments on loans for up to three months, deferred payment on credit cards for up to three months, a temporary overdraft facility, and access to term deposit funds for customers in financial hardship.
For consumers, support options include suspension of home loan payments for up to three months for customers ahead on their repayments and who have a sufficient undrawn balance, financial hardship assistance, which may include a reduction in loan repayment amounts for a period of time, access to term deposit funds, or other support.
"We're also contacting more than 10,000 general insurance customers in affected areas to make sure they have support and the right information should they need to make a claim," said Westpac NZ Managing Director of Consumer Banking and Wealth, Helen Ryder.
The bank's shares were up 2% on the New Zealand bourse while its shares rose 1% on the Australian bourse in recent Thursday trade.
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