The Financial Post reports in its Wednesday edition that Manulife Financial's Canadian unit is prepared to provide relief from credit card or mortgage obligations to its banking customers who are directly impacted by economic fallout from COVID-19.
The Post's Barbara Shecter writes that Manulife Canada chief executive officer Mike Doughty says, "We are approaching, on a case-by-case basis, if customers have (financial) reasons they're struggling." Mr.
Doughty says the Canadian banking unit of Manulife Financial, one of the country's largest companies, will allow mortgage payment deferrals of up to six months, alongside Canada's six largest banks. He says the firm will also provide unspecified "relief" when it comes to other credit products, such as credit cards.
Canadians, many of whom are already saddled with consumer debt including credit cards with high rates of interest on outstanding balances, have been financially squeezed by layoffs resulting from mandatory business shutdowns to curb the spread of the virus.
Mr. Doughty says Manulife Canada is also in discussions with customers in the firm's other lines of business, which include wealth management, group benefits, and life and travel insurance.
© 2020 Canjex Publishing Ltd. All rights reserved.