Covid-19: Clarien Bank Lowers Lending Rates

March 16, 2020 | 1 Comment

In response to the ongoing coronavirus pandemic, Clarien Bank says that it understand that its “continued operations and financial support are essential to the health of our society.”

A spokesperson said, “Clarien appreciates the gravity of the coronavirus pandemic [Covid-19] and the impact it is having globally, as well as directly here on our community. As a financial services provider and an institution with deep roots in Bermuda, we understand that our continued operations and financial support are essential to the health of our society – individuals, families, and businesses.

“As a priority we are taking all of the needed steps to ensure the wellbeing of our employees and clients by enacting our Business Continuity Plans in order for there to be minimal disruption to our day-to-day business. Where necessary, critical functions will be segregated and employees will be working remotely. We ask our clients to utilize our remote channels as much as is possible during these very fluid times.

“Governments and financial institutions around the globe are implementing measures to reduce the negative economic impact resulting from Covid-19 and to create financial stimulus where possible.

“As a result, we will be making adjustments to our personal and commercial base lending rates. The Clarien Bank Bermuda Dollar personal base lending rate will be reduced by 50 basis points [.50%] to 4.00% and our Bermuda Dollar commercial base rate by 50 basis points [.50%] to 4.25%.

“Borrowers will be notified of the effective dates in accordance with the terms of their facility.

“In addition to interest rate reductions, we will also be supporting our clients through these challenging circumstances and therefore, we encourage impacted clients to proactively contact the Bank through their lending officer or the client service centre at 296-6969 as their needs require. We will be developing other means of communicating with the Bank in the near future for this purpose.

“Listening and helping our customers will be our top priority. Additional information regarding Clarien Bank rates is available at www.clarienbank.com.”

You can view all our coverage of the coronavirus Covid-19 pandemic here, and our continuously updated live blog here.

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  1. Kathy says:

    What about mortgage rates? BNTB lowered theirs. Will other local banks do the right thing and follow suit? If not, why not?

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