Nordea offers instalment-free periods for mortgage and small and medium-sized business customers in light of corona outbreak


Nordea offers instalment-free period for personal and business customers. (Credit: Nordea.)

Finland-based financial services firm Nordea Bank has unveiled its plans to offer installment-free periods to its personal and business customers who require help amid the corona virus outbreak.

The approach is planned to be customised according to the customer needs in each country, considering mortgage market structure.

The bank said that the decision is part of its responsibility to serve its customers and the societies during the times of difficulty faced due to pandemic.

Nordea Bank president and CEO Frank Vang-Jensen said: “We are here to support our customers through good times and tough times as a strong and personal financial partner. The corona virus has spread quickly and it impacts the Nordic societies and our customers.

“That is why we have decided to install a set of quick actions to support personal customers and small and medium-sized businesses in the Nordics. It is even more important to help keep the Nordic economies rolling in these exceptional times.”

Nordea to offer 3-month installment free period for small and medium-sized firms

Nordea will provide personal customers and business customers with an installment-free period of up to 6 months on their mortgages.

The bank is also offering a 3-month installment free period for small and medium-sized companies where required.

The bank will serve its personal customers, who are in need of an installment-free period, with information on how to apply on its webpages shortly, while small and medium-sized business bank customers can get more information through their normal banking channels.

In addition, Nordea requests its corporate customers, those expecting any changes to their regular operations, to immediately contact the bank.

The firm has advised companies to draft realistic liquidity forecasts and clear cash flow budgets.

Nordea is also making available several courses of action and instruments to help companies strengthen their working capital and liquidity.

Vang-Jensen added: “Nordea is a very well-capitalised bank with a strong balance sheet and it gives us a solid platform to help our customers. We are taking all the actions we can to help and advise our customers.”